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12-10-2013, 01:51 PM | #31 | ||
Debunking your bullshit
Join Date: Aug 2002
Location: KC area
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12-10-2013, 02:01 PM | #32 |
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Join Date: May 2010
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I bought the home a lot less then what it was worth. They originally go by the sell price of your home with PMI so I didn't meet the 20% equity on my down payment. However, If I refinanced my home now after repairs and the new appraisal the loan will easily be less than 80% of the new appraisal. So I should be able to drop the PMI. I know the red tape on this shit is ridiculous.
Last edited by Nirvana58; 12-10-2013 at 02:14 PM.. |
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12-10-2013, 02:52 PM | #33 | |
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Why does my mortgage lender require me to buy flood insurance? Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs). The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following: The maximum amount of NFIP coverage available for the particular property type, The outstanding principal balance of the loan, or The insurable value of the structure. If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require flood insurance; however, a lender can still require it. It is also recommended since historically one-in-five claims come from these moderate-to-low areas. Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance. Last edited by Nirvana58; 12-10-2013 at 03:13 PM.. |
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