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What is PMI and how do I remove it?

Short answerPMI (private mortgage insurance) protects the lender on conventional loans with less than 20% down. You can ask to remove it at 80% loan-to-value, and it ends automatically at 78% of the original value.

Reviewed by Juan Fernando Romero, NMLS 2557318Updated October 14, 2026

The details

FHA uses its own mortgage insurance (MIP), which usually lasts for the life of the loan with less than 10% down; refinancing to conventional is the common way out.

Related loan programs

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Conventional Loans

A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.

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Home loan

FHA Loans

An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.