Is it legal to have to pay mortgage insurance for the life of the loan?

Yes, FHA requires it now.

No.. not illegal.. Most all FHA loans initiated today say the MI is for the life of the loan. The only way to remove it is to refinance into a different loan product, or pay off your mortgage. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Unfortunately it is not only legal, FHA requires it for loans with high loan to value ratios. If you are concerned about having Mortgage Insurance for the life of the loan, look into a Conventional loan. Generally, you are able to remove the MI once you have reached 80% LTV. Best of luck!

Unfortunately under FHA new guidelines it is required. One thing I tell my clients is that if your current credit does not qualify you for a conventional loan & you have to do an FHA loan, then work on getting your credit scores increased so within a year or so you can refinance your property into a conventional loan without lifetime mortgage insurance.I am located here in TN give my office a call if you would like to discuss your options.

Yes - and as a matter of fact, FHA charges it for the life of the loan.

Everyone is correct on this one. Sorry but that's the way it is.