MIP Refund Chart for FHA Refinances

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Mortgage and Lending
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


 

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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
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Steven B. Harkness

As they would say down under, "good on ya mate." Translated that means: Good information that I found very useful, and Thank You, we are friends now.

April 21, 2012 04:20 PM #1
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Bruce Cassell

Has the FHA made any revisions to the MIP refunds since Ocr, 2010?

September 28, 2012 09:46 AM #2
Rainer
111,353
John Saari
Worcester, MA
"The Mortgage Buddy"

Hi Bruce,

 

The MIP refund is still calculated the same way. But with the Sept. 2012 changes to FHA Streamline refinances the refund isn't used as much. This change allowed for people who had their FHA endorsed before 06/01/2009 to have a greatly reduced upfront MIP amount and therefore eliminating the need for the MIP refund for those home owners.

October 02, 2012 11:45 AM #3
Rainer
10,081
Erik Johannessen
Carrington Mortgage Services - Orange, CA

I use this all the time.  Thanks for posting

October 14, 2012 10:35 PM #4
Anonymous
Anonymous
Lorne Harvey

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

October 24, 2012 07:06 PM #5
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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 #6
Anonymous
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 #7
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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 #8
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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 #9
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