need advice...PMI UGHHH

we have been approved for our mortgage but are having trouble being approved for pmi since there are no comps in the past 6 months in the town we are buying so they are giving us a hard time. We have been working with our bank but at this point may be willing to put down the 20% with some gift money. At this point can we go back to them and say we do not want to do the pmi anymore we are going to put 20 down? Any advice on this?

Obv they would have to rewrite the loan since this will be for a different amount...

please let me know any advice or anything you would suggest.

Re: need advice...PMI UGHHH

If you are lowering your loan amount, they actually don't have to do a full re-underwrite. If you were increasing it, they would. Your debt to income ratio would decrease, so that's good for the bank.
If you can get the gift funds, it's probably worth going that route.
For that you'd just have to get the letter signed, show proof of receiving the funds and the donor would have to show proof that they have the funds and then that they transferred them to you.

Re: need advice...PMI UGHHH

do you think at this point since we are still waiting for the pmi to be approved can we just tell them we dont want the pmi any longer and we are going to put 20% down or we cant do that?

Re: need advice...PMI UGHHH

good grief, I didn't even realize this was something that could happen. Does the PMI ever get approved in a situation like this? Seems like it could easily be a problem in this market.

Good luck, lismik.