For most FHA borrowers you can't. The mortgage insurance runs for the life of the loan, and the only way out is refinancing out of FHA. The rule, for FHA case numbers assigned on or after June 3, 2013: put less than 10% down (loan-to-value above 90% at origination) and the annual mortgage insurance premium (MIP) is collected for the full term of the loan. Building equity doesn't end it. You could pay the balance down to almost nothing and the MIP would still be there. Since most FHA buyers use the minimum down payment, that describes most FHA loans. (Put 10% or more down and the MIP eventually drops after eleven years, but that's a small minority of FHA borrowers.) That turns this into a refinance question. Add your note rate and your annual MIP together to get your true effective rate; a conventional refinance only helps if its rate lands far enough below that combined figure to cover the costs. Whether the MI is deductible for you at your income is a question for a tax professional. Two notes: - Why the rule exists. The FHA insurance fund was under real strain, and life-of-loan MIP shored it up. A retroactive reversal for existing loans is unlikely, so plan around the refinance path. - Don't rush a bad trade. If you locked a very low FHA rate, giving it up just to shed MIP can leave you worse off. Run the full effective-rate comparison first, which is exactly what we do in the free Roadmap conversation.