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30Jul

Mortgage Insurance Refunds

FHA loan handbook, HUD 4000.1 states that a refund is available if the borrower is refinancing an FHA mortgage to another FHA mortgage within the first 3 years.   This schedule is a pro-rated refund based upon the length that you have been on the loan.

“If the Borrower is refinancing their current FHA-insured Mortgage to another FHA- insured Mortgage within 3 years, a refund credit is applied to reduce the amount of the Upfront Mortgage Insurance Premium (UFMIP) paid on the refinanced Mortgage, according to the refund schedule…”

Upfront MIP Refund Schedule

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FHA requires a Refi
HUD requires that FHA mortgages after June 2013 to refi in order to drop the PMI.
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