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Fannie mae Bpo for pmi removal Form: What You Should Know
Less than 80% less than 20% of current value if financed. If value below 80% but more than 20% of mortgage value, only the difference to be used to calculate any PMI removal charges. If price is less than 80% and more than 20%, it's assumed 80% of value is used to calculate charges. If loaned and financed, 80% of value or the difference between principal and interest must be used. Value must exceed 80% of the principal. In the case of non-single family PMI, only the difference between the amount financed and the mortgage amount required to pay your taxes, insurance, etc. Please use the PMI Removal Fee Calculator to see what's to be determined. Note: If the PMI Removing Fee is charged on an LTV Loan, you must complete the PMI Removal Request Form for that mortgage separately and submit it with the PMI Removable Fee Calculator. No appraisal or BPO required. When requesting a PMI removal charge, make sure your lender receives a letter from the property appraiser indicating value (not just a sticker) and that your lender approves of your value calculation by contacting your local lender or appraisal firm, and they will tell you. Make sure you have the appraiser's letter on hand for reference. You have two ways to request a PMI removal charge: 1. You can request your lender to provide a letter from your property appraiser (if applicable) that includes a written confirmation that all value in this appraisal is what is reflected in the loan document and that the appraiser does not use a paper or computer method. 2. Furthermore, you can request a PMI removal fee of the difference between your mortgage amount and the current market value of the property (not the lender's purchase price, it's the loan document price). The PMI Removal Fee Calculator requires you to input a loan file number or mortgage status from the loan application for the home being valued. This will allow you to see what your lender must charge in PMI removal fee. If you do not have your loan file, you should not include a loan number in your request. PMI Removable Fee Calculator: Your mortgage payment cannot exceed (i) your monthly payments divided by 3.79, (ii) the difference between your mortgage payment and 20% of the home's current market value, or (iii) the full loan amount you owe on the home.
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