Can I get rid of PMi on an fha 30 yr FRM?

More information is needed to answer your question as it depends on when your loan was made and which set of rules apply. Also, the Loan To Value/Equity is based upon the purchase price or appraisal that was done when your loan was written. If you qualify under the rules where the monthly MIP drops at 78% it should be automatic as long as your payments were made on time. I would suggest you read the Mortgagee Letter http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf as it might assist. You should also check with your current lender/servicer to understand the rules.

In the case of a FHA loan originated after June of 2013, mortgage insurance (MI) is a permanent fixture and will never be removed. For a FHA loans originated prior to June of 2013, the MI remains in force for 60 months from contract date regardless of the equity position. The removal process following the 60 months is the same for FHA and conventional as outlined below.MI is removed from loan payments in 1 of 2 ways, contractually (or what I like to call naturally) or by petition.1.) Contractually = Per the federal regulation known as the "Home Owner Equity Protection Act", natural removal of MI must occur when the loan balance reaches 78% of the appraised/purchase price value as determined at the time the loan was originated. This occurs regardless of payment history. This natural removal is determined at the time the loan is originated and you will very likely have a disclosure in your closing package that identifies either when this will occur and/or how many payments of MI you are projected to make. No action is needed by the borrower or home owner for this to occur. FHA loans originated after June of 2013 are exempt from this regulation.2.) The second manner in which MI can be removed (and this would occur prior to the pre-determined 78% equity position) is by petition. A borrower can successfully request the removal of mortgage insurance prior to the predetermined date if the following conditions apply; 1.) the borrower has never paid more than 30 days late (or at least not in the preceding 2 years) 2.)the predetermined loan to value has now reached 80% of the original appraisal/purchase price (20% equity) OR the borrower can demonstrate by means of an appraisal that the home value has now increased to a point that the borrower now has 20% equity in the home.To petition for the removal of the mortgage insurance you will have to contact your current servicer and request this to be reviewed. If you do not meet condition #1 the servicer will not consider the request. If the petition to have the mortgage insurance removed is based on an increase of the current market value be prepared to pay for the appraisal to confirm this. The servicer does reserve the right to select the appraiser for the assignment.I hope this helps and I wish you the best of luck. If I could be of assistance please do not hesitate to contact me at 216-245-LEND (5363).All The Best,Michael T Bardy #234079

You will always have to go through a process to have MI removed, a lender will never just automatically remove it. Call your current lender and find out their policy for having MI removed.

Remember, the 80% or 78% rules refer to the purchase price, not current market value. Contact your lender.