FAQ

How To Remove FHA Mortgage Insurance | Bankrate

if you have an fha loan, you may be wondering how to get rid of the mortgage insurance premium (mip) you pay each month.

Unlike conventional loans, FHA loans come with mandatory mortgage insurance, regardless of the amount of your down payment, and paying it off can be challenging and, in some cases, impossible. Here’s how to get rid of mip on an fha loan if you’re eligible.

Reading: How to lower fha mortgage insurance

when can you cancel mip on an fha loan?

“There are a number of factors that come into play when determining whether or not fha mortgage insurance can be canceled,” explains alan aldinger, vice president of media relations for pnc bank. “The most important factor is when the case number was assigned for a borrower’s current fha loan.”

The first place to look is the origination date of your loan:

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