Getting rid of PMI in an FHA loan

[Matthew Olson]

Hello all,

I've read/heard differing tales on being able to cancel out of your FHA loan PMI. On one hand I've heard you can cancel out by eventually refinancing into a conventional loan if you have at least 20% equity. On the other hand I've heard actually doing this is nearly impossible. Has anyone experienced this first hand when house hacking etc? Please share.

[Bill Lake]

@Matthew Olson

Got an FHA loan for a mixed use building (so refinancing into conventional is not an option) last month. Signed a paperwork that stated that if your loan to value ratio is more than 90/10 at the time of purchase your PMI will stop after 11 years. That's the fastest way that I know