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Matthew Hall... Asked 1 more question
2 years ago
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP based on the current value of the home?
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Best Expert Answer
Bruce Reichstein... Answered 89 more questions
2 years ago
FHA issued Mortgagee Letter 2013-04 on January 31st, 2013 clarifying cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers assigned on or after June 3rd, 2013.

On all loans terms - with loan to values less than or equal to 90%, the duration of the annual MIP is 11 years. For loan to values greater than 90%, the duration is the term of the loan.
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Best Expert
Linda B
7 months ago
My 30 year loan was taken i February, 2012. What are the rules for this? My home value is almost double what I purchased it for at that time. If I get it reappraised, can I remove the MIP? Do I have to refinance?
Sherry Waters
5 months ago
Linda contact your current lender and request removal of the mortgage insurance. FHA prior to 2013 was for 5 years or 78.6% LTV.
Tim Kinloch
21 days ago
This did not answer the original question related to a path of removing MIP when home value increases. Does the FHA have a policy or procedure to re-evaluate the basis for the MIP such that when the assessed value can show greater than 78% the MIP can be eliminated?
7 More Answers:
Category Expert
a year ago
To remove private mortgage insurance (PMI) that you pay on your mortgage loan, you must be up to date with your monthly payments.
MG Galip
4 months ago
We purchased our home in December 2015 and were told by our Mortgage Officer that we could remove the PMI insurance in one year if we stayed current on all payments. We have stayed current for the year but now are being told that we cannot remove the PMI Insurance because we have an FHA loan. Is this true?
Category Expert
x x
a year ago
I currently have a 30yr refinanced FHA loan. I have reached 0.77% of the original purchase price. I still have 14 months of MIP of approximately $300.00 each. Is there anyway of getting out of the remainder of payments without doing a refi again?
Category Expert
Randy Holcomb
7 months ago
I did a 30 year fha loan. then learn that the mip would not go away for 11 years. the loan was done in late 2013. I only owe 9 years left from paying extra. since I paid 21 years of payments in 4 years can I get the mip removed
Category Expert
Dave Hiatt
4 months ago
If my 2017 original 30-yr FHA loan amount was 96.5% of the purchase price, am I stuck paying MIP for the term of the loan or only until the loan amount drops at or below 90% of current LTV (new appraisal - home value increased)and 11 years of payments?
Category Expert
louis hitchcock
4 months ago
My mortgage was taken out on February of 2013, my bank is trying to tell me that I will have to wait until 11 years to get my mip removed. I was told at closing that it was 5 years min and then I could get an appraisal to see what the ltv is. Which one would be the correct?
Category Expert
Barry Haddix
19 hours ago
I was issued a FHA loan in September of 2012. When does my MIP drop off. Does it automatically drop off ? Will I be contacted by the mortgage co. or do I have to contact the mortgage co.
Category Expert
jose villafana
a year ago
Have a question I dis have an fha loan and I did a refinance on this year , I stay with the fha loan for a period of 3 years . I did a conventional refinance until I know I can qualify for a reimburse on the MIP it is true ? or it is nor available no more
Alexia Cartier
10 months ago
Hi, If you paid of your FHA mortgage, you maybe entitled to a portion of the MIP being refunded. Check this site for your name and then you can submit documents to get a portion of the MIP premium back. https://entp.hud.gov/dsrs/refunds/
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