[kgf74]

is working with home appraiser to increase length of PMI charge? We are buying a house in the state of Virginia that was build 1 year ago and sold for $265,000. We know that the house appraised in the $280-$285 range after it was built. We are now buying this house for $265,000 and the mortgage lender(BB&T) has hired an appraiser and they have appraised the house at $266,500. The issue I have is that the appraiser knew the sales price of the house and I believe that they were influenced by the lender to appraise the house a little above the sales price because we cant afford to put a down payment on the house and therefore will have a PMI. A lower appraisal puts more money in the lenders pockets for a longer amount of time. Is this a common practice and is there any thing I can do or complain to.If the appraiser were to value the house at the range of $280-$285 like it was done only 1 year ago and payments are made monthly and a couple additional payments a year then the length of the PMI is drastically reduced.I KNOW that it appraised in the $280 - $285 range. I KNOW that this most recent appraiser knew the expected sales price of the house because it was mentioned in his report.Actually your wrong real estate guy. Loan to value is calculated by taking the mortgage amount/ by appraised value of the property. So $265k/$285k = LTV 93%. PMI goes away after 80% LTV