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is fha mortgage insurance cancellable at any time?

by charger100001156 from Carmel, Indiana. Oct 3rd 2014 Reply

James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

If the original principal obligation with a loan-to-value (LTV) is greater or than 90%, than the annual MIP is for the life of the loan. If the original principal obligation with an LTV less than or equal to 90%, the annual MIP is for 11 years or when the loan is paid off, whichever comes first.

Oct 3rd 2014
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

It depends on some of the details of the loan, term and original downpayment. Normally a good mortgage lender will help you find the best option for you when you buy the home. Sometimes there are no other good options, but if you qualify for a conventional loan that may be a better option.

Oct 5th 2014
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

That depends. If your loan was initiated prior to June 2013, then your MI can cancel once you have paid your principal down to 78% of the original appraised value and once 5 years has passed.. if your loan was initiated after June 2013, then most likely it's there for the life of the loan. The only way to remove it would be to refinance out of it or pay off the loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Oct 6th 2014
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