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Leah Said:

Removing PMI on a FHA Loan?

We Answered:

With FHA it is when your LTV reaches 78% (not 80%) by paying down the principal. However, there is a minimum of five years that you have to have MIP (called MIP on FHA loan). It will come off automatically at the 78% mark. Look at the Truth In Lending you were given at closing. If you never pay any extra towards principal this will give you an indication when you will reach that mark. Don't be surprised if it is about 12 years.