I hope this is the right forum and hopefully one of you might know the answer to this. I am being forced into a an FHA loan at the last minute even though we qualify for a conventional loan (long story) and we are concerned about paying off PMI. The mortgage lender thinks we can have in removed in 5 years through re-financing but the statement we signed states that you need to more or less pay off 22% of the principal which could take 10 years to pay off (?). Is there an easier way to remove PMI? I konw through a conventional loan all you need is an increase in value and a simple $350 appraisal and after some upgrades to the house it would seem easy to do but through this FHA loan it seems damn near impossible to remove any time soon. Anyone have a good answer?