FHA loans require Mortgage Insurance Premiums (MIP) and typically involve two payments, an upfront premium and an additional annual payment.
The amount of MIP you pay for both depends on the size of your loan. Your annual MIP is divided up and included as part of your monthly mortgage payment.
Removing MIP is dependent on a couple of factors, one is loan-to-value and the other when your FHA loan was first originated.
If your FHA case number was assigned after June 13, 2013 there are no early termination options. The mortgage insurance will be required on the loan for 11 years or life of loan depending on the original loan to value at time of closing.
If your FHA case number was assigned between January 1, 2001 and June 12, 2013, please call Customer Care at 888.504.6700 Monday – Friday 8:00 a.m. – 4:00 p.m. CT for a review so we can send you the requirements.