FHA MI Cancellation

You have been in your home making monthly mortgage payments for some time now and perhaps wondering how to go about canceling your mortgage insurance (MI). At Impac Mortgage Corp., we work with families and individuals who have been paying monthly FHA (MI) and now want to leverage the benefits of a potential increase in equity to have that (MI) removed. 

Here are a few key things to consider:

  • Did your FHA loan originate between 6/15/2009 and 6/15/2013?
  • Have you made timely monthly payments?
  • Is your original loan balance between $150,000 and $650,000?
  • Property must be owner occupied. Do you live in your home?
  • Is your credit score greater than 640?
  • Have your made documented improvements to your property?
  • Is your *Loan-to-Value (LTV) < 85% based on Zestimate?
  • No 30 day late payments on any installment or revolving credit in the last 12 months?
  • No short sale, foreclosure or bankruptcy since your mortgage origination date?

*LTV is a financial term to represent the ratio of the first mortgage lien as a percentage of the total appraised property value


If you can answer yes to these questions, we believe we can help.  Like most of us, we’ve heard that automatic drop off of MI at 80% LTV may not automatically happen.  Further motivation to remove (MI) has come with the 2014 IRS rule which has eliminated the (MI) write off in your taxes.  Plus, there may be a possibility of reduced term and rate options.


Get started today!  Give us a call at 877-605-9531 or fill out a MI cancellation form. 

We’d be happy to have one of our loan experts look into this for you.


© 2019 Impac Mortgage Corp., Corporate Office located at 19500 Jamboree Rd., Irvine, CA 92612, 800-597-4101. NMLS #128231, AL #MC20787; AK #AK128231 AZ #BK-0910550; California Licensed by the Department of Business Oversight, under the California Residential Mortgage Lending Act #4131083; Colorado Regulated by the Division of Real Estate; Georgia Residential Mortgage #23673; Illinois Residential Mortgage Licensee; Kansas Mortgage Company License #MC.0025417; Licensed by the Mississippi Department of Banking and Consumer Finance; Nevada 2831 St. Rose Parkway, Suite 215, Henderson, NV 89052 702-589-4637; Licensed by the New Hampshire Banking Department; Licensed by the N.J. Department of Banking and Insurance; Impac Mortgage Corp. dba Excel Mortgage - NY Licensed Mortgage Banker—NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850196.000; OR #ML5014; PA #46178; Licensed by the Virginia State Corporation Commission #MC-5526; and WA #CL-128231. All applications are subject to underwriting guidelines and approval. Not all programs available in all areas. Other restrictions may apply. Also doing business in AR, CT, DC, FL, HI, ID, IN, IA, KY, LA, MD, MI, MN, MO, MT, NE, NC, ND, NM, OK, SC, SD, TN, TX, UT, VT, WV, and WI. NMLS Consumer Access - www.nmlsconsumeraccess.org. Equal Housing Lender
*Impac Mortgage Corp. is not licensed to conduct business in the following states: CT, DE, MA, MD, ME, NY and WY.

Website authorization by New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.

Reminder: Loan applications or inquiries will be addressed by Impac Mortgage Corp.’s CashCall Mortgage division.