+2 votes
My lender says that this is never cancellable I am reading conflicting info
asked Jul 5, 2018 in FHA Loans by anonymous
edited Jul 5, 2018

2 Answers

+1 vote
As long as your FHA Loan was originated and funded prior to 2013, you can cancel your FHA MIP with five years seasoning and 78% Loan To Value. Here is a blog I wrote on the topic: https://gustancho.com/refinance-faq
answered Jul 15, 2018 by GustanCho (106,540 points)
+1 vote
Your current lender is telling you the rule for loans originated today. As Gus stated, FHA loans originated after 2013 have different guidelines. Since your loan was originated in 2011, your MIP should be cancelled after 5 years. If they give you trouble, give us a call. Depending on your equity position we can assist you with a refinance.
answered Jul 15, 2018 by MikeGracz (16,780 points)

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