General Mortgage KnowledgeQuestion 170 of 400
On many FHA loans with the minimum down payment, the annual MIP generally remains for what duration?
a.Until 80% LTV only
b.For the life of the loan
c.For exactly 5 years
d.It never applies
Explanation
For FHA loans with less than 10% down, annual MIP typically remains for the life of the loan, unlike conventional PMI, which can cancel around 78–80% LTV. It is not limited to five years and does apply.
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