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

  • June 09 2010 - US
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Answers (14)

FHA mortgage insurance depends on when you got your loan, and also your loan term. Before the rule was that you lost your MI when your LTV got down to 78% and you have had the mortgage for at least 5 years. Newer loans now have MI for the entire duration of the mortgage in many cases. It is also possible to lose MI if you refinance into a conventional loan and any mortgage professional should be able to help you with that. 
  • July 31
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When in 2013? If your case number was ordered after June 2 it will be for 11 years, assuming you did no appraisal streamlines on all refi's. If before the cutoff date and used a no appraisal streamline, it is 5 more years AND loan balance must be 78% LTV or less.      
  • July 31
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It starts over with each loan. You could end up with an FHA loan that has lifetime MMI, now. It is time, to try your best, to get away from the FHA.

Is this all hypothetical? Do you actually have an FHA loan from 2013? Have you actually had to settle for FHA loans, three times in a row? Are you underwater? Where are you?
  • July 31
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How is the 5 years calculated? For example, say the original FHA loan originated in 2007, but you refinanced in 2009, and again in 2013. Does the 5 years start in 2007 or 2013?
  • July 31
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Here is a great resource for FHA loans
[Hyperlink spam removed by Zillow moderator due to violation of Good Neighbor Policy.]
  • August 05 2013
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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%.
  • August 30 2012
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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
  • August 30 2012
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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.
  • June 11 2010
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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.
  • June 11 2010
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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. 

  • June 09 2010
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I can confirm Patrick's answer - I just sat in a presentation from a mortgage company about FHA loans yesterday...
  • June 09 2010
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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.
  • June 09 2010
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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. 
  • June 09 2010
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You have it in place for a minimum of 5 years
  • June 09 2010
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