+1 vote
I was told that after 5 years, I could get an appraisal and if my loan to value was under 78% the MIP on my loan would be able to be removed.  I am told today that the 78% must be on the original appraisal or the original loan amount, which ever is lower.  I understand that I could refi to a conventional loan.  The interest rates are higher currently than what I have on my loan, so I prefer to keep the loan that I have.
asked Feb 27, 2018 in FHA Loans by Gloria

1 Answer

0 votes
If you have a 30 year  fixed rate FHA LOAN with an annual FHA MIP of 1.35% and had the loan for at least 60 months, you are eligible for FHA MIP removal if the LTV is under 78%. Contact your FHA LOAN servicer. New appraisal may be required.
answered Feb 27, 2018 by GustanCho (106,540 points)

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