The FHA said the upfront portion of the mortgage insurance premium (UFMIP) paid is not refundable. But there is an exception to this rule: when you refinance into another FHA mortgage. This UFMIP refund is very beneficial because it reduces the UFMIP on your new loan, lowering your base loan amount and your monthly payment in turn. Get help with your mortgage refinance.» UFMIP Refund When Refinancing If you are an existing FHA homeowner and refinancing into another FHA loan through a … [Read more...]
FHA Streamline Mortgage Insurance: MIP and MIP Refunds
When someone wants to get an FHA loan, they are going to have to pay mortgage insurance - both in the form of "up front mortgage insurance" (UFMIP) and monthly mortgage insurance (MI). Both have been required on FHA loans for years - and from time to time, HUD comes out and changes the requirements for both the UFMIP and MI so that they either increase the amount required or decrease it. Current UFMIP and MIP Amounts In most of the FHA mortgage insurance program, FHA requires an Upfront … [Read more...]