Is there no longer a way to remove FHA PMI from a 30-year FRM?

Both of the answers here are incorrect. The rule that will effect your ability to remove PMI is not yet in play. the only change as of 4/1 was a slight increase in the MIP Factor used to calculate your monthly Mortgage Insurance. The other changes will come into play early June. I am a Direct Lender here in NY. Call me, Peter Botros, 347 231 4444 or if you prefer, you can email me PBotros@OmegaLoans.net

The rule change you are referring to is for new FHA loans originated on case numbers dated 4/1/13 and after. If your loan was originated before this date you aren't affected by this rule change.

Not from 4/1 on. Anything before old rules apply.

If your loan was originated before this date you aren't affected by this rule change.

The change that will make PMI loan long will not happen until loans orginated in early June.

Sure it can be removed if you already have an FHA loan. If not, and are getting a new FHA loan, then Nope!! And it only gets WORSE on June 3rd. Make sure to Write your Congress people on it!!

I stand corrected. Peter is right.

If you currently have a 30 year FHA mortgage, the monthly insurance can/will normally be removed after you pay it for 5 years and have reached 78% of the original purchase price (or appraisal if lower). The details are slightly different if you put a larger downpayment or it was a 15 year mortgage. New FHA loans after of June 1 will require the insurance for the life of the loan

No change for FHA loans in effect as of 4/1/13.

You can always refinance out of your FHA if you have equity. All previous postings are correct, if you are getting a new FHA loan with case number pulled on 6/1 or after there will be MIP for life of the loan unless you refinance out of the FHA loan. Purchase or Refinance A.S.A.P. before that change goes into effect

FHA PMI is normally removed from a FHA Loan originated prior to 04/01/2013 after its 5 year mandatory period and/or when the principle balance has been paid down below 78% of the homes original appraised value. However, a number of lenders have claimed declining markets/unfavorable market conditions, and left the PMI on a number of loans. This has left the removal of the PMI up to the borrower refinancing or paying legal fees to remove it. Most have refinanced.

not from 4-1-2012

Peter has this info correct.

Permanent PMI goes into effect on all case numbers pulled on or after 6-3-13. Those with existing fha loans can petition that it be removed as long as they are at 78% loan to value and have had the PMI in place for 5 years.

For NEW FHA LOANS originated after JUNE 2013... FHA Mortgage insurance will be for the life of the loan. In MN or WI, visit www.FHA-Streamline-Refinance-MN.com