In this guide
Right #1 — the HPA 80% original-value request
Under the federal Homeowners Protection Act, you have the right to request PMI cancellation once your loan balance reaches 80% of the home's original value. Automatic termination doesn't happen until 78% on the amortization schedule, so asking at 80% can end it sooner. The request has to come from you, in writing.
Right #2 — the current-value route
Fannie Mae and Freddie Mac both allow PMI cancellation based on your home's current value, not its purchase price. The thresholds: 75% loan-to-value if the loan is seasoned 2–5 years, 80% if seasoned over 5 years, with the seasoning minimum waived when your own improvements raised the value. As with the HPA route, the request has to come from you.
What to expect
- The request must be in writing and come from you.
- Most servicers require a clean recent payment history (no 30-day-late in the last 12 months, no 60-day-late in the last 24).
- The servicer orders its own valuation, usually at your expense, and that number decides. An estimate tells you whether that spend is likely worth it; it doesn't replace it.
- FHA loans carry MIP under different rules and generally can't be cancelled by request; VA loans have no PMI at all.
Questions
Questions homeowners ask
Can I cancel PMI based on my home's current value?
Yes, if your loan is owned by Fannie Mae or Freddie Mac. The thresholds are 75% LTV if the loan is seasoned 2–5 years and 80% if over 5 years. This is separate from the HPA's 80%-of-original-value right.
How much LTV do I need to cancel PMI?
80% of the original value under the HPA (by written request), or 75–80% of the current value under Fannie/Freddie depending on how long you've held the loan.
Does PaxGuard cancel PMI for me?
No. PaxGuard estimates your eligibility from public records and drafts a cancellation request letter; you review and send it to your servicer. It is not financial advice, and the servicer's valuation decides.
Check it yourself