Posted on: 20th Sep, 2011 10:38 am
Hi I am trying to get our PMI deleted. I have satisfied the LTV ratio of 80% abut now they are telling me that I need a new appraisal. The appraisal of our newly built home (settled 5/27/2011) was dated 4/5/2011. They are now telling me that the appraisal is no longer good since it is more than 120 days ago. Loan was originally closed w/NVR mortgage and sold to Bank Of America as of July 1. Only found out about the selling on July 5 (120th day) of that time frame? Are they really w/in their rights to require a new appraisal since the house is not even 6 mos. old and I have met the 20% of the purchase price vs. the appraisal value. The purchase price is the lesser of the 2. thanks.
Hi cchristy,
You need to do an appraisal for your property in order to find out the present property value. This is one of the steps which you need to take when you decide to remove the pmi.
You need to do an appraisal for your property in order to find out the present property value. This is one of the steps which you need to take when you decide to remove the pmi.
They can ask for a current appraisal, yes.
well worth the money
well worth the money
