Quote:
Originally Posted by FRPLG
That's not even legal. They cannot charge PMI if you have 20% equity per the '98 HPA. You must not be understanding something. How are you defining equity?
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I've read the law but it seems Wells Fargo uses what ever they want to use as original home value. First they said I had to be 20% under the original appraisal which I'm way under and when they realized that they said I had to be 20% under the purchase price. When they noticed I was 20% under that they then said I had to be 20% under the original loan amount. I could easily get it removed if I pay for a new appraisal but with how the law reads I should not need one.