I was told that PMI stays on the loan for the life of the loan by
an rep of the VHDA (Virginia Housing Development Authority)
regardless of balance/ equity.

Why would this be since the idea of PMI is that you're borrowing
more than the value of the house? The value of my house by the
most conservative of estimates is is 85K more than I owe.
This means that that I'm at about 50% debt to equity. Why are they
telling
me that PMI can't come off my loan? What purpose is it serving?
Is this wrong?

Thanks

Mb