Can I get rid of PMi by paying lump sum? Fannie loan

Standard Fannie Mae and Freddie Mac loans allow you to ask to drop PMI once you have made at least 24 payments on the loan AND if you believe you are now under 80% loan to value based on a current appraisal. The loan will automatically drop PMI when you get to 78% loan to value based on payments only. www.Mortgage-Rochester.net

Like Joe said, If you are just making a lump sum payment to get the PMI to automatically fall off, you will need to get the balance on the loan down to 78% of the last appraised value. If you only get it to 80%, then you would need to request the lender to do a new appraisal (generally paid for by you).

Yes.. you can pay the additional funds down to get your loan to value below 80%. Under the PMI guidelines, you have to pay MI for at least 24 months since the policy was issued, so long as your past that mark, then once you get below 80% LTV, you can contact your lender and request the MI be removed.. they will require an appraisal, which you will have to pay, but you can absolutely pay down your mortgage to get to the required LTV to satisfy the lender..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

I am a lender in Ohio, www.FindOhioLoan.com and can help you. There is no penalty. What is your current rate as you can do a NO cost refi if the house would appraise OR make a lump sum payment. Who is your investor? Jennifer Sheil 513-602-5498