Why cant our MIP be removed?

Question

We have a HUD loan and purchased our home Oct 2015 for 240,000 and we owe 105,000. Our home is now appraised for 340,000 but our mortgage company won't allow the MIP to be removed....why can't we get it removed?  We are 2 1/2 years into our Chapter 13, which is scheduled to end July 2019

Answer 1

FHA GUIDELINES require all 30 year FHA LOANS have 0.85% Annual FHA Mortgage Insurance Premiums for the term of the loan. You can refinance your FHA LOAN to conventional loan two years after your Chapter 13 bankruptcy discharged date.