However, if your paperwork says you should stop paying MIP as of April 1, I would ask them what changed from the paperwork you had. Property values have been in an upward cycle, not a downward one. You do have to pay MIP for at least five years on a 30-year loan and you have to have at least 22% equity to get rid of MIP.
Does FHA MIP Go Away Still | Your Mortgage Guy For Life – Does FHA MIP Go Away Still. By Brad Lynch on February 24, 2014 1 comment . Mortgage Tagged With: does FHA mip fall off, does FHA mortgage insurance go away, does MIP go away, FHA, FHA changes, FHA June 3 2013, FHA Mortgage Letter 2013, MIP, MIP go away.
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When Does Mortgage Insurance Go Away? – Blogger – Mortgage insurance automatically goes away when you have 22% equity in your house, based on the original purchase price. As an example, if you paid $200,000 for your house, then the mortgage insurance would go away automatically when you pay down your mortgage to $156,000.
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Does FHA mortgage insurance go away after a certain amount of time? FHA mortgage insurance can go away on loans that were issued before July 3, 2013, once the loan to value ratio becomes 78 percent or less. FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually.
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