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Updated over 9 years ago,
FHA MIP Never goes away?
Hoping to get under contract on a duplex as an owner-occupied property in next couple of days. I'm using FHA so I can put 3.5% down. I thought then when I eventually have 20% of the loan payed, the MIP would be cancelled. My broker said it's a new FHA requirement that the MIP is there for the life of the loan and I'd need to refinance to get rid of it. Not a showstopper as this is probably 8-10 years down the road for a 20% position, but it is a surpise. Any thoughts?