FHA Loans and MIP - Posted by Jack-FL

Real Estate Investing Real Estate Financing
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Posted by TomC (Md) on March 17, 2001 at 11:33:43:

No, you can’t remove MIP from a FHA loan…it runs the life of the loan.

However, if you pay off the loan early (via sale or refinance)enough, you may be entitled to a partial refund of the premuim.

It’s perfectly legal. The borrower agrees to fund the MIP for the life of the loan in a written contract.

TomC

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FHA Loans and MIP - Posted by Jack-FL

Posted by Jack-FL on March 17, 2001 at 11:28:16:

Does anyone know if it is possible to remove the MIP from FHA loans? We have been told its on for the life of the loan? That doesn’t seem logical and maybe not legal?