[quote=moneymaker]Just inquired of US Bank as to getting rid of PMI. Canned response from them was if loan is less than 5 years old will need to have 75% equity. Time to look for another lender I guess. I don’t think that was in the original paper work![/quote]
75% equity or 75% Loan to value (LTV). 75% LTV makes some sense if you don’t refi with another bank. FHA is 78.0% LTV until the MIP goes away.
The days of taking out a second loan to avoid paying PMI on the primary are over as far as I know. You’ll probably have to refi at an 80% LTV based on the appraisal which may be slightly tough as some appraisers have been a little hesitant to increase values on this current upswing.
