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is there any way to remove pmi from fha loan with down payment below 20%?

have insurance money now and would like to put chunk into my home. original down payment for house was 5% by kellenkbaughe.1441 from Pocatello, Idaho. Jan 9th 2014 Reply


Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

Kellen, would need a bit more info. It sounds like you would like to get rid of mortgage insurance (MI) by paying down your principal balance to less than 80% loan to value. It depends on the date of your FHA loan. You may need to refinance into a conventional loan to get rid of MI. Give me a call. I am licensed in Idaho and would love to talk with you and get more info on your situation. Linda Miller 801.550.1222

Jan 9th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

it really depends on when your loan was initiated.. under the previous rules for FHA MI, you would need to pay it for a minimum of 5 years, and your loan balance would need to be 78% of the original amount borrowed.. If your loan was initiated under the new rules (on or after April 1, 2013), the MI would be there for the life of the loan.. the only way to remove it would be to refinance into a conventional 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 WilliamAcres.com

Jan 9th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Unless the loan was started prior to June of last year you can't have the FHA insurance cancelled - new regulations require it to be paid for the life of the loan. You could refinance into a new mortgage, provided you qualify, and eliminate that part of your payment but you would need to go through the approval process again and work with current interest rates.

Jan 9th 2014
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Eric Vander Werff (ericvw@stearns.com)
#29 ranked lender in Idaho - 12 contributions

Hi there, June 3 , 2013 is the cutoff date for FHA casefiles where mortgage insurance became permanent for the life of the loan. Prior to that date, the minimum was 60 months before the monthly mortgage insurance could be dropped. I would recommend looking into refinance options vs. your current rate/term/payment. I am licensed in Idaho and would be happy to send you a breakdown of loan options. Eric Vander Werff 208-391-3742 or ericvw@stearns.com.

Jan 9th 2014
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