After October 4th, 2010, FHA requires you to pay the MIP until your loan balance reaches 78% of your original purchase price or 5 years, whichever is longer. On a typically 30 year amortization schedule it will take you 7-10 years to reach 78% if you never pay anything extra on your mortgage. It is important to note that FHA does not include appreciation in the 78% calculation.
Check your current balance and compare it to your original purchase price to see if your loan to value is at 78%. The easy way to do this is take the balance and divide by the purchase price to get your LTV or "loan to value".
If you are at 78%, contact your lender and tell them you want the PMI dropped. If they refuse, your only option will be to refinance you loan into a conventional loan.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Great Plains National Bank