NEW AMERICAN FUNDING QUICK GUIDE
LAST MODIFIED: SEpTEMbEr 2023
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QUICK GUIDE
PRIVATE MORTGAGE INSURANCE FAQs
Questions? We’re here to help!
CUSTOMER CARE:
M–F | 8:00am – 9:00 pm CT
SAT | 10:00am – 2:00pm CT
EMAIL | CustomerCare@nafinc.com
PHONE | +1 (800) 893-5304
FAX | +1 (800) 880-0639
When can I expect Private Mortgage Insurance to be
automatically terminated?
If your home is your primary residence or second home and is 1-unit, PMI will automatically terminate after
payment is made for the month the loan is scheduled to reach 78% loan-to-value (LTV) according to the initial
amortization schedule. If your loan is not current, we continue to review the loan monthly and terminate PMI
effective the first day of the month after it becomes current. You will receive a confirmation letter once the
termination is processed.
Does the 80% Loan-to-Value rule apply to all conventional loan
types when requesting waiver based on original value?
No, the 80% rule only applies to first or second 1-unit homes. Rules are different for multi-unit or investment
properties and may very by investor.
Does meeting the required Loan-to-Value requirements
guarantee a PMI waiver?
No, there may be additional requirements that need to be met. A request can always be submitted but it does not
guarantee a waiver.
Can I use a valuation from a third-party or from an attempted
refinance with New American Funding?
No, all valuations for PMI waiver review must be ordered by New American Funding.
How will I know what fee amount I need to pay for a
PMI waiver review?
Our Customer Care team and our Private Mortgage Insurance Waiver packet will provide you with the applicable
fee you’ll need to pay.