5 Things I Wish I’d Knew Before Getting an FHA Mortgage

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via 5 Things I Wish I’d Knew Before Getting an FHA Mortgage

How to Get A Kentucky FHA Upfront Mortgage Insurance Premium (UFMIP) Refund

 

 

How to refinance a Kentucky FHA loan in Kentucky?How do you get back a Kentucky FHA Upfront Mortgage Refund on your insurance on the old Kentucky FHA Loan?

 

KY FHA Upfront Mortgage Insurance Premium (UFMIP) Refunds Explained

A Kentucky mortgage holder with an  FHA mortgage insurancemay get a  refund if refinancing within three years of closing?

FHA UFMIP partial refunds are available for the first 3 years after loan consummation. The refund decreases by 2% each month the loan is in place. The refund amount / percentage will be provided at the time of case number assignment.

Here is how it works on a Kentucky FHA Loan on the refund:When doing an FHA to FHA refinance, the refund will be applied to the upfront mortgage insurance premium on the new loan:
MIP refunds are available for an FHA streamline refinance after the applicable seasoning period for these loans.
Kentucky FHA mortgage insurance refunds are available for FHA loans opened less than 3 years ago.
Requires a refinance into another FHA loan to receive a MIP refund.
How Much is the Refund on your Kentucky FHA Loan?

The chart below details the available refund percentage over time. In month one, the borrower starts out at 80%. In month two, it has decreased by the prescribed 2% amount and is now calculated at 78%, and so on. So, if the original UPMIP was $1000, 78% of that would be $780 that would be applied against your borrower’s new UPMIP.

Kentucky FHA MIP Refund Chart For Refinance

 

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
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