does the mip for fha loans ever go away? getting different responses

The only way is to put 22% down and do a 15 year mortgage. With amortization terms of 15 years or less, and a loan to value ratio of 78% or less will remain exempt from the Annual (monthly) MIP. You may consider just doing the FHA loan for now until your credit improves and refinance into a conventional loan in the future. If you increase your interest rate slightly you can get all of your closing costs paid through the rate and you would be surprised by how little your payment will go up by doing so. That way when you go to refinance into a conventional loan you will only have to pay closing costs once and when you do a cost vs benefit scenario you will see you will come out ahead. As long as you can get your credit to improve that is. Best wishes, Sean

Hi Herronliam, Yes it will. For loans with FHA case numbers assigned on or after June 3, 2013, FHA will collect the annual MIP for the maximum duration permitted under statute. See 12 U.S.C. ? 1709(c)(2)(B).? For all mortgages regardless of their amortization terms, any mortgage involving an original principal obligation (excluding financed Up-Front MIP (UFMIP)) less than or equal to 90 percent LTV, the annual MIP will be assessed until the end of the mortgage term or for the first 11 years of the mortgage term, whichever occurs first. So you could put down 10% and still only pay the mip for 11 years. In addition, the amount you pay each month will be a little less. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.fhamortgagesdoneright.com | (877)228-9069 | Lending in ALL 50 states |

I forgot to include my reference. http://www.portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf. Copy this link and paste it into your browser.

Mortgage insurance is built into the program. Even with the mortgage insurance, you are near historic low rates.

HI THERE: I JUST CHECKED AND SEEMS LIKE "MIP" REMAINS LOAN IS PAID OFF BASICALLY LIFE OF LOAN......LENDING NATIONWIDE (MIKE 703 505 5300) NMLS 754875