Quote:
Originally Posted by nmonty
I thought our home had sold. We are now 2-3 weeks out of closing and I was just informed that the buyer is unable to get PMI coverage on our home because there is a railroad track appx. 50-75 ft from the back of the property line (behind trees and a gully- not visible during the summer). We had PMI on our loan when we purchased 9 years ago. As most of the neighborhoods in my town have a least one street backing to a railroad track, I can not believe that PMI is denied. Is this a trend? Am I going to be unable to sell our home (appx value 190-195 K)? We are two to three weeks out and I have to get the kids ready for school and now I am stuck. Any advice? Thanks.
Michelle
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Never heard of PMI having anything to do with a property's specifics. If it is truley a PMI issue I would think it is related to LTV, credit score or DTI.