How do you get back FHA mandated morgage insurance if you never default on payments.?

Answer 1

You can't get it back if that's what you're asking. At the mortgage signing, it will say how long you must be insured as a minimum. Usually 1, 2, or 5 years, and then you can drop it.
I believe it's a scam and told my mortgage company to drop mine after the second month or I will refinance with a different bank. They dropped it.

Answer 2

That's like asking how do you get back your premiums from State Farm if you've never had a car accident? FHA Mortgage Insurance Premiums are collected in a couple of ways. If you paid the upfront portion in cash and you sell the house or otherwise pay off the loan, you may be entitle to a partial refund of the unused premium. If you've had the loan for over 9 years you most likely have no refund coming.

Answer 3

20% equity is required in a home to eliminate PMI. An assessment of your homes value would need to be done to eliminate it. Another way to go is what is sometimes called the "tax smart" loan. This adds about another 1/4 percent to your mortgage rate(for the life of your loan) unless you later refinance, but on the brighter side, Mortgage interest is tax deductable so you'd get more back at the end of the year. This is the way I'd go if putting less than 20% down. You cannot get your PMI back though.

Answer 4

the only way you can take Mortgage insurance off of your home is if you owe less then 80% of the loan amount. However I don't think you can get any of it back.