FHA Mortgage Insurance

[Chris Lombardi]

I'd like to purchase a multi family place, live in one of the units, and put less than the conventional 25% as a down payment using an FHA mortgage.

I know this would require an extra 0.85% on my interest rate as MIP, but I'm seeing conflicting ideas on how to get rid of it as soon as possible. Some sources say you have to wait 11 years (if the down payment was greater than 10%). Others say you can request it be removed after 20% of the loan is paid off. Another says that the lender is required to remove it once 22% of the loan is paid off.

Which is right? Does it vary by lender? If I put down 15% on a multi family place, is there a way I can get rid of the MIP early on without refinancing?

Any guidance would be greatly appreciated.  As a total newbie to real estate, this community has been incredibly helpful, so thank you all!