FHA Mortgage Insurance Refund Guidelines and Chart. When you get an FHA loan, you pay a mortgage insurance premium at the time of closing. This initial premium is the "upfront mortgage insurance premium," also called UFMIP or MIP. But this fee is refundable if you refinance into another FHA loan. This benefit gives borrowers a discount when they refinance with the FHA streamline refinance loan.
Streamline refinancing is a mortgage refinancing process in the United States for Federal Housing Administration mortgages that reuses the original loan’s paperwork allowing quicker refinancing. The program was introduced by the FHA as a way to speed up the home refinancing process. By reusing the original loan’s paperwork, the process to refinance a home was reduced from a few months to only a.
FHA and June 1 2009 – Lender411.com – FHA and June 1 2009. Tuesday, January 22, 2013. This factor is significantly less than the current MIP factor of 1.25% for most loans.. The FHA streamline refinance is one of the easiest loans to qualify for and offers a great benefit for many owners.
Help – FHA Connection Single Family Origination – The loan-to-value ratio of the prior FHA-insured mortgage used to determine the upfront and annual mortgage insurance premium (MIP) factors for the new mortgage based on loan characteristics. Note: Only valid for a streamline refinance case.
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FHA Up Front Mortgage Insurance Premiums (UFMIP) In this message, the FHA states, "For all S (ingle) F (amily) Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 basis points, regardless of the base loan amount.". As stated previously,
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MIP is short for Mortgage insurance premiums. The Federal Housing Administration requires all FHA mortgages to have MIP regardless of how much money is used as a down payment. FHA MIP is an insurance policy for your mortgage loan incase you ever default on the loan. You may also hear the term PMI, short for private mortgage insurance.
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Upfront MIP Factor: Projected factor for determining the amount of upfront mortgage insurance premium (MIP) for the specified Term. Note: Only valid for a streamline refinance case. Annual MIP Factor: Projected factor for determining the amount of annual mortgage insurance premium (MIP) for the specified Term. Note: Only valid for a streamline refinance case.