Yes, unless the request is based on the current value of the home with substantial improvements. Investment and loans with subordinate financing have other requirements.
Definitions: (as they relate to the calculations used for PMI deletions only)
- Adjustable Rate Mortgage: The current amortization schedule following the most recent rate change is used for the purposes of PMI removal.
- Balloon/Reset Mortgage: The current amortization schedule following the most recent rate change is used for purposes of PMI removal.
- Loan Modification: The amortization schedule of the modified mortgage loan and the property value at the time of the mortgage loan modification, are used for purposes of PMI removal.
- Loan to Value (LTV): LTV is based on lesser of appraised value or purchase price at time of origination.
- CLTV Ratio: This is the combined loan to value ratio.