PMI/FHA Mortgage

Or do I mean MIP? I think MIP is the one that you pay on a FHA.

Steelers if I remember correctly the pmi payments would stop one the person has acquired either 20-25% equity in the home.Since it is a government loan,it is usually best to contact them once that has been reached so the payments can be adjusted.

We are putting 50% down on a house. We need to use FHA because my fiance is new to the country (from England) and has no established credit. Even though my credit score is over 800, his lack of credit puts us out of scope for any other loan. My question is...my lender is insisting that even though we are putting 50% down, we still need to pay the monthly MIP insurance. Everything I've seen indicates that once you have at least 20% equity in the house, you don't pay the insurance. But I can't really argue with the lender because I can't prove anything. Can anyone help with advice, or a definitive source that can answer this question?

ON an FHA loan, regardless of how much you put down, you will have MIP. You can check with your lender once you've had the loan for a couple years, if they will then remove it. ON a 15 year loan, you will not have MIP if you put more than 20% down, only on a 30 year loan

My FHA Loan info states I must carry MIP (AKA PMI, mortgage insurance etc.) for a minimum of 5 years from loan origin regardless of the LTV. Once the 5 years is up, AND once I reach 78% LTV (not 80% like usual) the MIP comes off.... The MIP is at a discounted monthly rate compared to PMI, but there is an upfront MIP payment made a closing... hope that helps you....