Nevada Mortgage Insurance Guide: FHA MIP vs PMI

Mortgage insurance deductibility depends on your income and tax year. As of 2024, PMI deductions expired, but check with a tax professional as laws change. FHA MIP has historically been deductible when the deduction is active, subject to income limits (phased out for AGI above $100K-109K).

Yes. Refinancing from FHA to conventional with at least 20% equity eliminates FHA MIP completely. You'll have a new conventional loan with no mortgage insurance. This is the only way to remove FHA MIP for loans originated after 2013 with less than 10% down.

The process typically takes 30-60 days. You'll need to order an appraisal ($400-600), submit a written request, and your lender will verify you meet requirements (80% LTV, current on payments, no recent late payments). Once approved, PMI removal is effective the following month.

PMI typically ranges from 0.30% to 1.50% annually depending on credit score, down payment, and loan type. On a $350,000 Nevada home with 5% down and good credit (740+), expect about $110-150/month. Lower credit scores (620-680) may see $200-250/month.

Absolutely. Las Vegas and Nevada markets have seen strong appreciation. If your home value increased significantly, you may reach 20% equity sooner than expected. Get a new appraisal to confirm your LTV ratio—if you're at 80% or below, request PMI cancellation or refinance to eliminate it.

Borrower-paid PMI (monthly premium) is usually better because it's removable once you hit 20% equity. Lender-paid PMI (LPMI) has a slightly higher interest rate that lasts the life of the loan and can't be removed. Choose borrower-paid unless you plan to stay in the home long-term with no plans to refinance.