Comments on: Can You Cancel the FHA mortgage insurance premium (MIP)? You bet.

By: John Batiste

John Batiste — Sun, 16 Jan 2011 00:22:13 +0000

I am asking a previously asked question that was never answered…

On the 5 yr MIP IN clock does it start over if refinanced.. during the 5 yr period…i had only 4 months left to make the 5 yrs. home appraised for $115 with only $102 owed

By: susan

susan — Sun, 17 Oct 2010 19:35:04 +0000

I purchased a home in Dec. 2008. The purchase price was $308k and I borrowed only $127k.I got an FHA loan. Why am I paying for MIP when I put more than half down?

By: Rosa Ramirez

Rosa Ramirez — Wed, 13 Oct 2010 23:10:27 +0000

I will be purchasing a home in 2 months with a FHA loan. I am putting 10 % down. Do I still have to pay the mortgage insurance for 5 years even if I reach the loan to value ratio of 78 percent before that?

By: Michael Tran

Michael Tran — Sat, 09 Oct 2010 08:47:51 +0000

Gerry McLough, your (98%LTV) FHA loan has MIP because your loan was based on PURCHASE PRICE and not appraise value. I am assuming that your loan is an FHA, so therefore you need to pay the monthly insurance premium for the next 5 yrs then you can ask your servicer to cancel it.

By: Gerry McLough

Gerry McLough — Sun, 26 Sep 2010 02:07:40 +0000

Please help! I have bookmarked your site. I purchased a home in May 2010 for 120k (loan 118k). The home appraised for 150k weeks before closing. The appraisal was a requirement of the financing. I am not sure why but PMI was applied to my loan from the start. Because I had immediate equity representing a borrowed ammount of only 72% (below 78%), should PMI have ever been applied to my loan? If not, what should I do about it?
My loan was sold from the originator to GMAC with the PMI attached. Please let me know what you think. As a disclamer please know that I do not consider any information legal advice and thank you for your time. I really appreciate it. Good site.

By: Roikoe

Roikoe — Wed, 11 Aug 2010 03:30:26 +0000

If you refinance does the 5-year clock on PMI start over again?

By: Peter G. Miller

Peter G. Miller — Tue, 03 Aug 2010 17:44:45 +0000

Victoria –

FHA insurance cannot be cancelled during the first five years of the loan. You will not qualify until at least December 2010.

By: Victoria

Victoria — Mon, 02 Aug 2010 22:20:05 +0000

I tried cancelling my MIP with my Mortgage Co. They said I didn’t qualify. I must of closed my loan on or after 12/28/05 and I closed 12/14/05. They also mentioned 234(c) and 204 (k). I guess I have to do the research because they didn’t give me any explanation as to what that means. If you can lend some help…would greatly appreciate it.

By: Fritz Franklin

Fritz Franklin — Thu, 29 Apr 2010 16:55:11 +0000

I have paid my FHA Insurance for 5 years now. You mention 78% Loan to Value; is the LTV calculated from the original sales price or from some new appraised value?

By: Dee

Dee — Tue, 27 Apr 2010 20:45:10 +0000

I purchased a home under FHA/HUD in 2000. The down payment of $1260 was covered by a second lein which I could have paid off had I known I could. They never mentioned that.

I have lived in my home ten years now and have always paid my mortgage on time. The value of the home is $80,000-$85,000 and I owe $42,000.

They told me that “My mortgage loan is not subject to FHA MIP cancellation requirements”.

Is this because the rules changed the year after I purchased my home? Or could there be another reason, like the $1260 lien.

Thanks, Dee