Finance
A North Dakota borrower's 'PMI cancellation rights' under the Homeowners Protection Act allow them to request PMI cancellation when:
AThey have made 2 years of payments
BTheir LTV reaches 80% based on original purchase price or appraised value at purchase✓ Correct
CThe loan balance reaches $100,000
DPMI cannot be cancelled; it must be paid for the life of the loan
Explanation
The Homeowners Protection Act (PMI Cancellation Act) allows borrowers to request PMI cancellation when their LTV reaches 80% of the original purchase price or appraised value (whichever is lower at origination), assuming good payment history and no secondary liens.
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