Equity Home Loans

Do FHA home loans need mortage insurance?

Public Comments

1. yes
2. The FHA program is a federal version of mortgage insurance. PMI says it all "Private" mortgate insurance vs FHA or other federal programs which are federally insured mortgage programs.
3. Unfortunately, Yes. But, if your loan was closed on or after January 1st, 2001, it can be removed at some point in time if it meets certain conditions. You can find out more about those conditions in the source link below. If your loan closed before 01/01/01, you are not able to terminate your mortgage insurance... Hope this helps!