Ya no shit, im almost 5 weeks past my closing date because the bank decided to change their mind on things 3 different times… I’m crossing my fingers for a clear to close tomorrow!
Yeah the rule changes really caused me headaches as well. I ended up closing about as late as you.
I though if the house was more then 80% of the apprisal then you will have to pay a mandatory pmi. I never thought it was based on the risk that you are to the company. (the mortgage/bank should of been the one calculating the risk you are to the bank).
Correct me if I’m wrong but that what I though.
The problem with SONYMA is they count the income the same for a single person as a married couple. So you both have to average 33,950 to qualify.
SONYMA also adds more paperwork headaches.
It was not until the homeowners I was dealing with threatened legal action that
HSBC got off their ass. They were waiting for information from ME, but never bothered to ask for it. Then after months of wasted time, the homeowners lawyer screwed up and I had to close twice 
PMI = Private Mortgage Insurance. This is instilled by the lender as a fall-back in cause you default on the loan prior to reaching a LTV ratio of 20%. The first few years it would take to do that typically are the indicators of if you will or not default on the loan, plus this is when the bank makes the most amount of your amortized loan payment in interest, unless of course you have some other form of loan product like a reverse mortgage.
Are you sure you where “denied” this and not something else?
“NEW YORK, July 16 (Reuters) - Mortgage insurer MGIC Investment Corp reported a wider quarterly loss and said it will stop writing new business as losses mount in the battered housing sector, sending its shares down 14 percent in premarket trade.”
That might have something to do with being denied PMI. MGIC is/was the largest issuers of PMI.
80/20 loans are still popular imo.