Dropping FHA mortgage insurance: wait it out, or refinance out
Refinancing FHA to FHA
Crossroads answer
An FHA-to-FHA refinance keeps you in the FHA program, so mortgage insurance continues on the new loan. A new case number may change how long it lasts. To remove it entirely, borrowers usually refinance to a conventional loan once they have enough equity.
Last reviewed against the primary sources listed below.
Compare
- Remaining MIP on the current loan.
- MIP on a new FHA loan.
- Conventional option with enough equity.
MIP questions
Will an FHA streamline remove MIP?
No, the new FHA loan still has MIP.
How do I get rid of FHA mortgage insurance?
Usually by refinancing to conventional with enough equity.