Finance
An Indiana homeowner with an FHA mortgage who has built sufficient equity can request cancellation of the annual mortgage insurance premium (MIP) after:
A5 years, regardless of LTV
BAfter 11 years if the original LTV was 90% or below; for higher LTV loans originated after 2013, MIP lasts the life of the loan✓ Correct
CWhen LTV reaches 78%
DNever — FHA MIP never cancels
Explanation
For FHA loans with 10% or more down (LTV ≤ 90%), MIP cancels after 11 years. For FHA loans with less than 10% down (LTV > 90%) originated after June 2013, MIP is required for the life of the loan.
Related Indiana Finance Questions
- When an Indiana property appraises below the contract price for an FHA loan, the FHA:
- The loan-to-value (LTV) ratio is calculated as:
- The secondary mortgage market primarily:
- Private mortgage insurance (PMI) is typically required when a conventional loan's loan-to-value ratio exceeds:
- Which type of loan is guaranteed (not insured) by the federal government through the Department of Veterans Affairs?
- The FHA's maximum mortgage limits for Indiana single-family properties in 2024 are generally:
- An Indiana homebuyer with a credit score below 580 who wants to obtain an FHA loan would generally need:
- Indiana's Mortgage Foreclosure Mediation program encourages parties to:
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →