[jenatasha]

...ratio to be 75% to drop PMI? We have a non-FHA mortgage loan that is 2 years old. We bought the house for less than it was appraised for, and have now payed the loan down to less than 80% of that original appraisal, so I contacted the lender regarding removing PMI. They say we are not eligible to drop PMI based on a LTV of 87% because they are using the purchase price rather than the appraisal price.However, they said that to remove PMI based on a _Current_ appraisal, we would have to pay the loan down to 75% of the current appraisal, since our loan is less than 5 years old.Why 75%? I thought it was always 80%! Is this legal?