How do I get rid of FHA mortgage insurance, since it does not drop off like conventional PMI?

On most FHA loans originated after 2013 with less than 10% down, the annual mortgage insurance premium lasts the entire life of the loan and cannot be canceled by reaching 20% equity, unlike conventional PMI. If you put down 10% or more, the MIP drops off after 11 years. The main way to eliminate lifetime FHA MIP is to refinance into a conventional loan once you have at least 20% equity and solid credit, which removes the premium entirely. Run the numbers first, since refinancing means new closing costs and possibly a different rate. Compare your break-even with the Refinance Analyzer at wealthserene.com/tools/refinance-analyzer to see whether dropping MIP justifies the switch.