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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Posted by John Saari "The Mortgage Buddy" on 01/08/2011 08:29 PM   Comments (8)   fha streamline, mip, fha  
Short URL: http://actvra.in/fCR
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8 Comments on MIP Refund Chart for FHA Refinances

APR
21
2012

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.
Steven B. Harkness
4:20pm • #1
SEP
28

Has the FHA made any revisions to the MIP refunds since Ocr, 2010?
Bruce Cassell
9:46am • #2
OCT
02
111,342 Points 6 Featured Posts Called Shot Master

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.
11:45am • #3
OCT
14

I use this all the time.  Thanks for posting
10:35pm • #4
OCT
24

Thanks Bruce, I have referred to your chart seveal times.....!!
Lorne Harvey
7:06pm • #5
OCT
25

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
4:38am • #6
FEB
24

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
stacey
7:49pm • #7
MAR
19

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. 
Laura
2:38pm • #8


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John Saari "The Mortgage Buddy"

Worcester, MA

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Office Phone: (508) 740-7442

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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


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