FHA Refinance and the Upfront Mortgage Insurance Premium (UFMIP)

The FHA refinance home loan program offers many benefits to homeowners that are refinancing a majority of the equity in their home, and also for those with low credit scores.

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FHA Refinance and the Upfront Mortgage Insurance Premium (UFMIP)

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    Related results on FHA Refinance and the Upfront Mortgage Insurance Premium (UFMIP)

    1. Mortgagee Letter 2005-03 provides additional information on the recent political changes in relation to the reimbursement of up-front mortgage insurance premiums. Simply put, all loans approved after December8, are not achieved in 2005 is entitled to one UFMIP refund, unless it is an FHA refinance FHA, in which case the refund is applied to the new UFMIP. Cool or what? As the refunds to be processed? Your mortgage company notifies HUD of the termination of the FHA ...

    1. ... if you paid an up-front premium. You may be eligible for a refund of a portion of the insurance premium if you: acquired your loan after September 1, 1983, paid an up-front mortgage insurance premium at closing and did not default on your mortgage payments. ... insurance premiums. Simply stated all loans endorsed after December 8th, 2005 are no entitled to a refund of UFMIP unless it is an FHA to FHA refinance in which case the refund is applied towards the new UFMIP. ...

    1. I refinance my VA loan with a streamline refinance last year and when I did so, I paid a funding fee to VA to do so. That funding fee is considered the same as mortgage insurance and should be reported on the Form 1098. ... Although not listed above, this would also apply to the Up Front Mortgage Insurance Premium (UFMIP) paid on all FHA loans. This number can be found on your closing statement from the title company. So, if you got a new FHA, VA or USDA loan during 2009 ...