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BlueXTC t1_ituvs3m wrote

Reply to comment by BubbleWrapGuy in Mortgage Lender Recommendations - FHA by GaimanitePkat

Once you hit 20% equity you can request the PMI to be removed. I did it with our mortgage from VA Credit Union. It was removed for the next payment. You have to file a formal request and there is an appraisal done to make sure you have sufficient equity to remove the PMI

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BubbleWrapGuy t1_itv43x6 wrote

On a conventional loan, yes, you can request PMI to be removed after 20% equity and two years of on-time payments. FHA loans have MIP, which is basically the same thing as PMI but with different rules.

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