Hud attempts to contact mortgagors who are due refunds. When youve paid off your fha home loan in full, you could be entitled to a refund of a portion of that up front fha loan mortgage insurance. Fha mortgage insurance application process and upfront mip. If you refinance an fha loan within 3 years of closing, then you may be eligible for a refund. If you had an fha insured mortgage, you may be eligible for a refund from hud fha. Fha loans do not require private mortgage insurance, but do require a specific type of coverage known as a mortgage insurance premium mip that includes an up front mortgage insurance premium due at closing time. This federal housing administration fha mortgage insurance premium mip calculator accurately displays the cost of mortgage insurance for an fha backed loan. When you refinance your current fha loan and there is a refund due, the refund amount is applied to the new upfront mortgage insurance premium for your new fha refinance loan.
First, you need to determine what your were charged when you closed on your home loan. The individuals listed in these files are entitled to either of two types of payments. How do i calculate an upfront mortgage insurance premium. If your name is not found, but you believe that you are owed a refund, call this same toll free number to ask about your status. Upfront premium payments and refunds fha connection hud. You can use this fha mortgage calculator to figure out how much your mortgage insurance will be. Your refund amount is only part of the story, though. Are you due a mortgage insurance refund from an fha loan. Pay upfront mip, get the status and details of a payment, and request a refund. Also, the payment history option is used to view or download the details of a. How do i calculate the ufmip refund on a fha streamline. How do i calculate the ufmip refund on a fha streamline refi when i dont know the original. You can get a refund on a portion of the premium if you refinance to another fha.
Are you due a refund for fha upfront mortgage insurance or fha ufmip. How do i calculate an upfront mortgage insurance premium for a. Pmi calculator how to calculate mortgage insurance. If your name is found, call 18006976967 to get your refund. Original mip amount x refund % fha mip refund amount. Also, the payment history option is used to view or download the details of a payment and reprint the payment summary. Unlike most private mortgage insurance pmi policies, fha uses an amortized premium, so insurance costs change along with your loan amount. This calculator assumes that the upfront mip is rolled into the mortgage. If you had an fhainsured mortgage, you may be eligible for a refund from hud fha.
In 2005 president george bush signed legislation which included putting an end to on upfront mortgage insurance premiums, including mortgages with. The estimated monthly payment shown here does not include the fharequired monthly mortgage insurance premium, taxes and insurance premiums. If you are attempting to calculate the mortgage payments for a fha loan availed earlier, then you may have to override the defaults provided by the calculator. For more information about refunds from hud fha, read our fact sheet. Youll need to talk to a hudapproved lender and ask them about fha mortgages. The formula for calculating monthly mortgage insurance premium became effective may 1, 1998 see mortgagee letter 9822 attachment. Use this fha mip refund chart to see if it applies to. If you think you may be eligible for a refund of your mip premium on an fha home loan, use this chart, which fha underwriters use to calculate refunds, to estimate what your mip refund may be. Calculate fha loan costs including mi premiums and compare an fha loan against other low down. Contact a housing counseling agency to see if there are any other financing options that might work for you how can i find out if i am due a refund of.