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.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.