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How long do you have to pay mortgage insurance on an FHA loan?

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June 09 2010 - US
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Here is a great resource for FHA loans
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August 05 2013
FHA mortgage insurance has 2 benchmarks that must be met before your can be rid of the insurance. The first is insurance has a minimum time length of 5 years. Additionally your loan-to-value per your original amortization schedule must be at 78%.
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August 30 2012
Yes-5 years and 78% LTV.   However rules on 15 year loans are different.  And, there are now lenders who will do 2nd up to 90% to when the property gets to 90% LTV you can Refinance with a new first of 80% and a 2nd of 10% to eliminate the new expensive FHA MI
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August 30 2012
FHA presently requires that you pay your loan for 5 years until the monthly mortgage insurance (called MMI) is no longer required.  The other money which goes into the fund that FHA uses to insure these loans is the one-time, up-front Mortgage Insurance Premium (MIP).  It gets partially refunded to the borrower in the event of a payoff of the loan in the first few years.  Unfortunately for future borrowers, it looks like these insurance costs may be increasing in the near future since Congress has just given FHA authority to do so.

The rules on how Private Mortgage Insurance (PMI) can be eliminated are different from how FHA does it and have been touched on by the other people who have posted in this thread.
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June 11 2010
FHA 5 MI 5 years.  Private MI is up to the insurer.  Get a quote in writing.  If your lender doesn't know or can't get it - get a new lender.
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June 11 2010

To give you an idea using a 30 year loan with 3.5% down payment, count on aprx 135 payments before you reach 78% LTV, if no additional principal payments added. Unlike a conventional loan you can not remove the monthly MI with a new appraisal/appreciation. 

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June 09 2010
I can confirm Patrick's answer - I just sat in a presentation from a mortgage company about FHA loans yesterday...
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June 09 2010
Although it is in place for a minimum of 5 years if you refiannce at 80% of a new appraisal after 6 months you can get it removed. That would mean that you have likely improved the property and its value was way up over the original purchase price.
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June 09 2010
Joe is correct.  You must have FHA's mortgage insurance for 5 years minimum AND you must have 78% or less loan to value to qualify for the removal of MI.  Ask for lender for details and the process to remove. 
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June 09 2010
You have it in place for a minimum of 5 years
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June 09 2010
 
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