Appraisal Not Accepted to determine loan to value ratio – Early removal of MIP denied. What?

Someone please educate me here, I own 1 home 1 FHA loan back in 2017 and due to increased equity in the home I wanted to get a new appraisal to help get to 78% LTV to remove MIP.

Freedom Mortgage straight up denied me and said I needed a FHA case number prior to 2013 to do early termination MIP? See below in quotes maybe I am missing something. Are they incorrect / lying / strong arming me? I have never heard of this before.

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Your request for cancellation of mortgage insurance premiums (MIP) has been denied. FHA Loans that Originated after June 03, 2013 are not eligible for Mortgage Insurance Premium Cancellation. The FHA final bill date per FHA-C is 12/2050 which is paid in arrears. You may refinance to a conventional loan if qualified, to remove the MIP. New appraisals are not accepted.

You must have paid MIP for a minimum of 5 years” -> Side Question – > Does this continue on if a loan is refinanced? If for example you did 3 now -> refinanced -> did another 2?

“New appraisals will not be accepted to determine loan-to-value (LTV) ratio”

Someone with some expertise please advise if you have some time that would be appreciated, thank you. (I am in the state of CT)

submitted by /u/Lightningstormz
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Someone please educate me here, I own 1 home 1 FHA loan back in 2017 and due to increased equity in the home I wanted to get a new appraisal to help get to 78% LTV to remove MIP. Freedom Mortgage straight up denied me and said I needed a FHA case number prior to 2013 to do early termination MIP? See below in quotes maybe I am missing something. Are they incorrect / lying / strong arming me? I have never heard of this before. ā€‹ ” Your request for cancellation of mortgage insurance premiums (MIP) has been denied. FHA Loans that Originated after June 03, 2013 are not eligible for Mortgage Insurance Premium Cancellation. The FHA final bill date per FHA-C is 12/2050 which is paid in arrears. You may refinance to a conventional loan if qualified, to remove the MIP. New appraisals are not accepted. ” ” You must have paid MIP for a minimum of 5 years” -> Side Question – > Does this continue on if a loan is refinanced? If for example you did 3 now -> refinanced -> did another 2? “New appraisals will not be accepted to determine loan-to-value (LTV) ratio” Someone with some expertise please advise if you have some time that would be appreciated, thank you. (I am in the state of CT) submitted by /u/Lightningstormz [link] [comments]

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