We recently purchased a short mart, and technically we could have the house reappraised and drop it, because we hold so much equity into it. But Fannie Mae requires you to wait 3 years unless you build a structural extension.
By structural addition...could this include similar to a porch?
Answers: Read the docs or call them. Usually this would qualify as a structural enhancement and require a permit.
Typically, anything that requires a licence to build (which in my nouns would be almost anything), that would be a structural addition, and yes a porch would be a structural amalgamation. You may want to do a search and see if a structural fixture in their world wishes to be enclosed.
EDIT: I see your new comment now. A porch is not a lofty percentage return on investment. If it is a 2 bedrooms home and you are going to make it 3, i.e. a high percentage return on investment and that should tip your expediency enough to drop PMI.
Both answers are apposite, but Fannie Mae is looking at what improvements deem the home more valuable, and I doubt hugely much that a porch would add satisfactory value for the MI to be dropped.
By structural addition...could this include similar to a porch?
Answers: Read the docs or call them. Usually this would qualify as a structural enhancement and require a permit.
Typically, anything that requires a licence to build (which in my nouns would be almost anything), that would be a structural addition, and yes a porch would be a structural amalgamation. You may want to do a search and see if a structural fixture in their world wishes to be enclosed.
EDIT: I see your new comment now. A porch is not a lofty percentage return on investment. If it is a 2 bedrooms home and you are going to make it 3, i.e. a high percentage return on investment and that should tip your expediency enough to drop PMI.
Both answers are apposite, but Fannie Mae is looking at what improvements deem the home more valuable, and I doubt hugely much that a porch would add satisfactory value for the MI to be dropped.