Need to ditch your FHA mortgage insurance? A “Sample Letter To Request FHA Mortgage Insurance Cancellation” can help. It’s what you send to your lender. You’ll use it when you think you meet the requirements to stop paying that extra fee.
Ready to write that letter? We’ve got you covered. This article is packed with templates. Use our samples to make the process easy.
Find the perfect example for your situation below. Customize it and send it off. Get closer to saving money each month.
Sample Letter To Request Fha Mortgage Insurance Cancellation
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]
[Lender’s Name]
[Lender’s Address]
[Lender’s City, State, Zip Code]
**Subject: Request for FHA Mortgage Insurance Cancellation – Loan Number [Your Loan Number]**
Dear [Lender’s Name],
I am writing to request the cancellation of my FHA mortgage insurance (MIP) for the property located at [Your Property Address]. My loan number is [Your Loan Number].
I believe I am now eligible for cancellation based on the following:
* My loan-to-value (LTV) ratio is now [Your LTV Ratio]% (or lower). I have reached [Percentage]% of the original property value through paying down the mortgage balance.
* I have owned the property for at least [Number] years.
* I have a good payment history with no late payments in the past [Number] months.
I have attached [Mention any supporting documents, e.g., appraisal report] to support my request.
Please review my account and let me know what steps are needed to process my request. I would appreciate it if you could provide me with a timeline for the cancellation process.
Thank you for your time and consideration.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Request Fha Mortgage Insurance Cancellation
Subject Line: Clarity is Key
- Be succinct. A straightforward subject line such as “Request for FHA Mortgage Insurance Cancellation – [Your Loan Number]” is optimal.
- Avoid ambiguity. The recipient should immediately understand the purpose of your missive.
Salutation: Addressing the Right Person
- Err on the side of formality. “Dear [Loan Servicer Name]” or “To Whom It May Concern” if a specific name is elusive.
- Verify the correct contact. A modicum of research can prevent your letter from languishing in bureaucratic purgatory.
Introduction: Setting the Stage
- State your intent directly. “I am writing to formally request the cancellation of my FHA mortgage insurance premium (MIP) for loan number [Your Loan Number].”
- Include pertinent identifiers. Your full name, property address, and loan number are indispensable.
Body Paragraph 1: Demonstrating Eligibility
- Articulate your loan-to-value (LTV) ratio. Clearly state how you’ve reached 80% LTV, either through amortization or property appreciation.
- Provide substantiating details. Mention the original appraised value and current outstanding loan balance.
- Reference FHA guidelines. Citing the specific FHA regulation that supports your request adds credence.
Body Paragraph 2: Affirming Compliance
- Assert your payment history. Emphasize your impeccable record of on-time payments over the preceding years.
- Confirm residency. Stipulate that the property remains your primary dwelling, and you continue to reside there.
- Attest to the absence of liens. Declare that there are no subordinate liens or encumbrances on the property.
Closing: A Courteous Request
- Reiterate your request succinctly. “Therefore, I respectfully request that you initiate the process for canceling my FHA MIP.”
- Express gratitude. A simple “Thank you for your time and consideration” is de rigueur.
- Indicate availability. Provide your contact information and express willingness to furnish additional documentation if required.
Sign-off: Formalities and Contact Information
- Choose a professional closing. “Sincerely” or “Respectfully” are safe bets.
- Include your full name. Type and then sign your name legibly.
- Provide contact details. Phone number and email address are essential for expedient communication.
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Frequently Asked Questions: FHA Mortgage Insurance Cancellation Request Letter
This section provides answers to common questions regarding the sample letter for requesting cancellation of FHA mortgage insurance. The information aims to guide homeowners through the process effectively.
1. What information should the letter include?
The letter should include your loan number, property address, contact information, and a clear statement requesting the cancellation of your FHA mortgage insurance.
2. To whom should the letter be addressed?
Address the letter to your mortgage servicer or the entity responsible for managing your mortgage account.
3. What documentation should accompany the letter?
Include any documentation that supports your eligibility for cancellation, such as an appraisal demonstrating your loan-to-value ratio.
4. How long does the cancellation process typically take?
The cancellation process can vary, but it generally takes several weeks to a few months, depending on your servicer’s procedures.
5. What if my request is denied?
If your request is denied, contact your servicer to understand the reason for denial and determine if you can take steps to become eligible in the future.