How does the MIP refund work?
Written By: admin on October 2, 2009
One Comment
I can’t find the proper info online, or maybe I just don’t know it. With the rates going down I’m going to refinance but I’m told I could get my MIP premium back form HUD. I’m not sure how the process works and If I would quailfy to get it back. Please help me figure this out(laymens term please)
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If your current FHA mortgage was originated after December 7, 2004, you can only get a refund if you refinance to another FHA loan. I’ve provided a link below for detailed information on whether you qualify for an MIP refund.
If you have paid off an FHA loan through the sale of the property or are refinancing from an FHA loan to a non FHA loan, you may be eligible for an FHA mortgage insurance premium (MIP) refund if you originated your loan after September 1, 1983, but before December 8, 2004, paid an upfront mortgage insurance premium at closing, and did not default on your mortgage payments.
There are several exception but, that may apply to your situation.
For Mortgages closed on or after December 8, 2004:
You will not receive any refund unless your are refinancing to another FHA loan. Your refund will then be applied towards you new mortgage insurance premium base on a schedule you can get from the link below:
http://www.fhainfo.com/miprefunds.htm