Is FHA mortgage insurance the same as PMI?
No. FHA MIP is government-program insurance with fixed HUD pricing. PMI is private mortgage insurance on conventional loans, priced by private MI companies and removable at certain LTVs.
Plain-English explanation
MIP usually stays for the life of the FHA loan when the down payment is below 10%. PMI on conventional drops automatically at 78% LTV (request at 80%). That difference is one of the bigger long-term cost levers between FHA and conventional.
What can change the answer?
Loan term, LTV at origination, HUD's published MIP schedule at the time of origination, and refinance options can change the long-term cost.
Want the real answer for your file?
FHA guidelines are the rule. Your credit, income, payment, property, and county limit are what decide the actual answer.
More FHA questions on Mortgage Insurance
Educational only. FHA guidelines, lender overlays, rates, fees, and underwriting requirements can change. Final eligibility depends on full underwriting review.