Finance
A Washington borrower with an FHA loan wants to remove mortgage insurance. Under current FHA rules for loans originated after 2013 with less than 10% down, MIP:
AIs automatically removed when LTV reaches 80%
BRemains for the life of the loan✓ Correct
CIs removed after 5 years
DIs removed when the loan balance drops below $100,000
Explanation
For FHA loans originated after June 2013 with a down payment less than 10%, annual MIP remains for the life of the loan. The only way to remove FHA MIP in this scenario is to refinance into a conventional loan.
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