MIP Refund Chart for FHA Refinances

By
Real Estate Mortgage Broker
http://actvra.in/fCR

 

The above is a chart that FHA underwriters use to determine the amount of money refunded at the time of a FHA to FHA refinance. FHA charges an upfront MIP (mortgage insurance premium) amount. That MIP amount depends on when the FHA case number was requested. This amount is calculated as a percentage of the loan amount. As of October 2010 the % is 1% of the total loan amount. FHA will refund a percentage of that upfront MIP in the refinance. The shorter the home owner has had the current FHA loan the higher the refund amount. This amount is displayed on page four of the application section called the "details of transaction" page.

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John B. Saari


 

Direct Cell: 508-740-7442

Secure Fax: 781-503-1478

The QR Code To My Published Mortgage Application freemortgagebuddy

 

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Location:
Massachusetts Worcester County
Groups:
Boston Area Real Estate
HUD RURAL Loan
Keller Williams 'Rainers
MA REALTORS
Mortgage Bankers
Tags:
fha
mip
fha streamline

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Anonymous #5
Anonymous
Lorne Harvey

Thanks Bruce, I have referred to your chart seveal times.....!!

October 24, 2012 07:06 PM
Anonymous #6
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Anonymous

Thank you all for the positive feedback. If you need any more information please feel free to email me. themortgagebuddy@gmail.  I also have a WordPress blog with more recent activity. I'm licensed in all 50 states, but more important than that. I just like helping people and trying to provide accurate information even if I'm not doing the financing. www.themortgagebuddy.com

October 25, 2012 04:38 AM
Anonymous #7
Anonymous
stacey

we are in the process of an FHA streamline. We bought in Nov. 2009 and are refinancing now in Feb 2013 (3 yrs. 3months later). We don't see any credit toward our initial 6,100 UFMIP...our refi is showing that we are to pay the entire 6,100 again...does that seem right? I know we fell in that weird time period when we purchased, after June 2009..Please help! Thanks

February 24, 2013 07:49 PM
Anonymous #8
Anonymous
Laura

Hey thanks for the effort you're putting out and the accuracy. I'm always rying to do a better job and its nice to communicate. 

March 19, 2013 02:38 PM
Anonymous #9
Anonymous
Laurel
Will the borrower receive a refund of the UFMIP if he refinances it to a Convenional loan? The FHA loan closed January 2013 --- just closed refinance today.
March 26, 2014 03:53 PM
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Rainer
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John Saari

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Additional Information

I decided to start writing this blog to be an education resource to my referral partners and my clients. We live in a new world of mortgage lending in which we need to be up to date on the changing underwriting guidlines and mortgage products offered. It's through these updates that we will all be able to provide our clients with the customer service they derserve and expect. It's my belief that this industry insight is what will take our business to the next level. Education = Confidence