As you likely know, FHA loans require Mortgage Insurance Premiums (MIP) to protect the loans. These are paid as part of your monthly mortgage payment and the amount reduces slightly each year MIP is paid.  You may be eligible to have some of the MIP you paid in the past refunded if you refinance your FHA loan to another FHA loan within three years. There are also options to shorten lifetime MIP down to 11 years if you refinance with 10% or more equity in your home. To eliminate MIP completely, you could refinance to a conventional loan. You would need more than 20% equity in your home and it requires a higher credit score.