Can you ever get rid of PMI on an FHA loan? FHA MIP. 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...
FHA mortgage loans do not require you to pay PMI. FHA loans, however, need you to pay an upfront mortgage insurance premium and a mortgage insurance premium or MIP. Most FHA mortgages will require MIP for the life of the loan. The FHA up-front mortgage premium gets paid at the closing ...