Dropping FHA mortgage insurance: wait it out, or refinance out
How long MIP lasts
Crossroads answer
For FHA case numbers assigned on or after June 3, 2013, annual MIP lasts eleven years when the original loan-to-value was ninety percent or less, and for the life of the loan when it was higher. Loans from before that date generally follow older rules, under which MIP could end once the balance fell to a set share of the original value after a minimum period.
Last reviewed against the primary sources listed below.
At a glance
| Case number assigned | Down payment | Annual MIP lasts |
|---|---|---|
| On or after June 3, 2013 | Ten percent or more | Eleven years |
| On or after June 3, 2013 | Less than ten percent | Life of the loan |
| Before June 3, 2013 | Varies | Older cancellation rules; ask your servicer |
MIP questions
Does FHA MIP ever go away?
Yes, after eleven years if you put at least ten percent down on a loan from mid-2013 on. Otherwise it usually lasts for the life of the loan unless you refinance.