If I refinance my FHA loan, will I have to pay PMI until the loan is entirely repaid off?

FHA MI is subject to cancelation at 5 years or when you reach 78% of your original loan amount.. Come June 3rd, if you initiate an FHA loan, refinance or purchase, you would be subject to lifetime MI or 11 year minimums... it's based on the date the FHA case number is ordered, not when the loan closes.. the case number would have to be ordered before June 3rd. FHA case numbers expire after 6 months of "No Activity"... however some lenders don't like using 4, 5, or 6 month old case numbers, so they could request a new one, which would make the loan subject to the rules in effect when the case number is ordered.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No. If you obtain an FHA case number prior to June 3rd, you will not be subject to the "life of loan" or 11 year minimums. Currently, any FHA loan has a minimum of 5 years Mortgage Insurance payments and can only be cancelled when you reach the 22% equity mark. If you are refinancing into a conventional loan, depending on your current equity, you may not have to pay Mortgage insurance at all. call a local loan officer for help.

Hurry, to meet the June 3 date.

Also if you got your previous FHA loan prior to May 2009 your MI will be reduced AND if you get your loan Package sent in before the June 3rd deadline you will also only have to pay the PMI for 5-years or you reach 78% loan to value (Whichever occurs last)

Full life of loan (30 years) unless LTV is under 90% or it is a FHA streamline (prior to May 2009 original FHA loan).Here it is direct from the HUD web site:Exceptions toAnnouncedMIP Increases.The increases in the annual MIP specified in this ML apply to allmortgages insured under FHA's Single Family Mortgage InsurancePrograms except:? Streamline refinance transactions of existing FHA loans that wereendorsed on or before May 31, 2009 (see ML 2012-04)? Title I? Home Equity Conversion Mortgages (HECM)? Section 247 (Hawaiian Homelands)? Section 248 (Indian Reservations)

Not if you hurry up... Under today's rules, it will drop at 78% loan-to-value. For new loans starting next month, it will stay on the loan for the entire loan. www.FHA-Streamline-Refinance-MN.com