FHA MIP Release
The Annual Mortgage Insurance Premium on a FHA loan adds a considerable expense to a mortgage payment. It is cancelled when the loan-to-value reaches 78% of the original sales price. The date can be accelerated by making additional principal contributions to the loan. This app will serve as a tool to determine the required additional principal payments.
For FHA loans whose case number was issued after May 31, 2013, the Mortgage Insurance Premium remains for the life of the loan. For FHA loans whose case number was issued before June 1, 2013 and the mortgage term is greater than 15 years and LTV is 90.01% or greater, the MIP will be terminated when the loan to value of purchase price or appraised value reaches 78%. However, it must be in effect for a minimum of five years. This is not an offer of credit but is a general illustration of typical mortgage terms and concepts. Susan Anthony and Stars & Stripes Realty are not mortgage lenders. You should contact a specific lender to learn more about its mortgage products and your eligibility for such products. License: