Wait for MIP to expire: If you put down at least 10% when you bought the home, your FHA MIP expires after 11 years.To eliminate the annual mortgage insurance premium (MIP) on an FHA loan, you can either: Here’s everything you need to know about FHA MIP removal. Some homeowners can simply let their mortgage insurance fall off, but most will need to refinance out of it. Septem16 min read How do I cancel FHA mortgage insurance?ĭespite what you may have heard, FHA mortgage insurance premium (MIP) is not always permanent.