PMI with an FHA loan?

I have a home that we bought with an FHA insured loan in 1997 that we financed 99.92%. We currently owe 60K but house is now valued at 135K. When I contacted my mortgage company regarding removal of this they stated that do to the fact it was an FHA loan we are required to pay this until either the home is paid off or we refinance. Anyone know if this is the case or not??


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Related results on PMI with an FHA loan?

  1. If you have 20% equity why in the world would you refi with a FHA loan? Go get a conventional loan. With a conventional loan the interst rate will be lower and there is no PMI. March 16, 2010 11:54 pm | #1. Cappo359. Yes, that's right. ...

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  1. I have a great credit score and good income. Unfortanetly I don't have much money for down payment. That's why I am looking into the option of a FHA government loan but I have to pay for PMI(Private Mortgage Insurance),