If I refinance my FHA mortgage and pay it down to 78% in less than five years, do I still need to pay mortage insurance?

At this point, the answer is No. FHA will be changing the elimination of the required MI very soon as they will require it for the life of the loan, so I'd act sooner than later. We are a Bank and a FHA Direct Lender in Massachusetts and would be happy to help you as I do live in Dartmouth, MA!

Yes.. Under FHA guidelines, you must pay for a minimum of 5 years.. And until your loan balance is 78% of your original loan balance or lower.. the only way to avoid monthly MI is if you refinance into a 15 year mortgage, and your loan balance at the time you refinance is 78% or less, then no MI will be charged.. otherwise, you pay for at least 5 years... once you reach the 5 year minimum and your loan balance is 78% or lower than your original loan amount, then you can call FHA and petition to have the MI dropped... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If it's a 30yr loan you pay on it for 5 years AND then you must have 22% equity but as mentioned above this is going away soon and it will be for the life of the loan so contact a Local Loan officer and get started.

You are require to pay FHA mortgage insurance for the first 5-years - regardless of loan-to-value. Sorry

Consider contacting me offline to get a further explanation on your options without any obligation at all to work with me!

yes FHA requires you to pay MI for at least 5 years. If you are going to pay it down and refinance, you can refinance it into a conventional loan and anything under 80% doesn't require MI.. Give us a call and we can go over your specific situation to discuss the best mortgage option for you!201-962-3555 Ask for Benny or Michelle

Hi yes you pay a min of 5 year then at 78% it would go away but again the FHA criteria for this is changing very soon. So if you would like ot move on this quickly then please contact me. Rob Oliveira Residential Mortgage Services.

Hi yes it does go away after 5 years or at 78% but this is changing very soon so please do contact me if you wish to do something quickly on this. Thank you Robert Oliveira Residential Mortgage Services. I am in Dartmouth,Ma.

See Williams response as it is 100% correct