11/02/2026
If you have an FHA loan, you’re paying a mortgage insurance premium (MIP) every month. Here’s how long it lasts:
✔️ If you put down less than 10%, MIP stays on the loan for its entire term.
✔️ If you put down 10% or more, MIP comes off after 11 years.
✔️ To remove MIP sooner, many homeowners refinance their FHA loan into a conventional mortgage once they reach at least 20% equity.
A new executive order also directs the FHFA to create a pilot program to proactively cancel mortgage insurance premiums for homeowners who meet equity requirements, though details haven’t been announced yet. DM me “MIP” for a free equity check. 🙌