In my understanding, you need 20 percent at least before you can request for removal.
However, not sure about the exact date of implementation this year, all MI on FHA loans will be carried for the life of the loan.
Read your loan documents as mentioned by some of the members here. And contact your lender. Lender will not removed it unless you get involved.
Best of Luck.
You can also read the guidelines on HUD's website.
I work with a great mortgage broker that can assess your situation. Contact me for further assistance.
To remove PMI depends on the terms of your originating loan. Some may allow you to remove PMI if you have had the loan for 5 years or more without any additional effort on your part, if you can demonstrate that you have 20% equity in the home. But in all cases where you can have a full appraisal that would demonstrate 20% equity in your home, you can do a refinance. This would create a new loan that does not include PMI and would most likely have a much lower mortgage rate.
You will want to contact a loan officer to consider a refinancing if your current loan does not have the conditions allowing you to just remove PMI automatically.
I am happy to refer you to a loan officer that will be able to precisely answer your questions and help you with a refi.
New contracts are calling for 22%
and getting that increase in equity is going to be harder.
Read you Loan doc's and call an Appraiser:
I'm not even sure that the Lenders will accept your appraisal!