Cancel Mortgage insurance on HUD loan

for fha loans which originated before jan 1 2001, mortgage insurance does not get cancelled. only way out of it is to refinance with a conventional lender.

Hi Kim,

Welcome to Mortgagefit forum.

If your loan closed on or after January 1, 2001, then the annual mortgage insurance premium (AMIP) will get automatically canceled when these conditions are met:

Any mortgage with term of 15 years or less & loan to value ratio of 90% or more, the annual mortgage insurance premium will get canceled when LTV comes down to 78% and

For any mortgage with a term of more than 15 years, the annual mortgage insurance premium gets canceled when loan to value ratio reaches 78% & borrower has paid the AMIP for at least 5 yrs.

Colin

FYI Kim, for loans that originated prior to January 1, 2001, at the time the house is sold or loan is refinanced the borrower is entitled to get a refund of certain amount of mortgage insurance.

Read more about it from here : http://www.hud.gov/offices/hsg/comp/refunds/fhafact.cfm

charged my account 39.80 i was on the one week free trail nothing about any cjharges

Hi Yolanda!

You should immediately contact the lender and speak to him about the charges deducted. Tell him that you were on a trial period.

Thanks,

Jerry