What is the monthly MIP on a 15 year FHA loan?
Michael Gray
Updated on April 01, 2026
On loans with a Loan to Value of less than or equal to 78% and with terms up to 15 years. The annual MIP for these loans will remain at 45 basis points. On terms ≤ 15 years and loan amounts ≤ $625,500 – If the loan to value is ≤ 90%, the Annual Premium remains the same at 45 basis points (bps).
How long does FHA mortgage insurance last?
11 years
Depending on your down payment, and when you first took out the loan, FHA mortgage insurance premium (MIP) usually lasts 11 years or the life of the loan. MIP will not fall off automatically. To remove it, you’ll have to refinance into another mortgage program once you reach 20% equity.
Do FHA loans have to be 30 years?
The longest of time you can be legally obligated to the original FHA home loan is 30 years. If you refinance the amount of time you spend paying on the mortgage may vary, but the original loan will be 30 years or 15. FHA does not require that loan terms be in five year multiples.”
How do I avoid FHA MIP?
MIP (mortgage insurance premium) is applied to FHA loans. If you are a homeowner with an FHA loan, and you pay for mortgage insurance premium (MIP) your only way out of it is to refinance into a conventional loan once your mortgage reaches 80% LTV.
How do I get my FHA PMI back?
Requesting a Refund A refund of an upfront mortgage insurance premium (MIP) payment can be requested through HUD’s Single Family Insurance Operations Division (SFIOD). On the FHA Connection, go to the Upfront Premium Collection menu and select Request a Refund in the Pay Upfront Premium section.
When did FHA mortgage insurance become permanent?
The good change is that FHA lowered its mortgage insurance premiums in January 2015. On the negative side, they’ve made PMI essentially permanent over the life of most mortgages that they insure.
Does PMI come off an FHA loan?
FHA loan borrowers aren’t the only borrowers who have to pay mortgage insurance. Getting rid of PMI is fairly straightforward: Once you accrue 20 percent equity in your home, either by making payments to reach that level or by increasing your home’s value, you can request to have PMI removed.
