In 2005 President George Bush signed legislation which included putting an end to on Upfront Mortgage Insurance premiums, including mortgages with insurance starting on or after December 8, 2004.
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Does the FHA Owe You a Refund?
At one time, the FHA was approved to offer refunds on Upfront Mortgage Insurance premiums under certain circumstances. In 2005 President George Bush signed legislation which included putting an end to these refunds, including mortgages with insurance starting on or after December 8, 2004. Naturally there are exceptions for those who got loans with Upfront Mortgage Insurance prior to that date--FHA loan holders may be entitled to a refund if:- The FHA loan started after 1 September 1983 and before December 8, 2004
- The borrower paid an upfront mortgage insurance premium as part of closing on the house
- The borrower did not default on FHA mortgage payments
Why is it important to know about FHA refund policies? Many homeowners have received e-mails or regular mail solicitations about such refunds. Have you gotten messages claiming you are owed a large refund by the FHA? Third-party companies that solicit you in this way may claim you are only entitled to your refund if you refinance your home or if you pay the third party company a fee to "track down" or "trace" your FHA refund.
Fortunately, these claims are NOT TRUE. You don't need third-party assistance to determine whether you are owed an FHA refund or not. You can call the Department of Housing and Urban Development to learn more about your eligibility for an FHA mortgage insurance premium refund by dialing 1-800-697-6967. The Department of Housing and Urban Development and the FHA do not sponsor or endorse third-party refund assistance programs.
The FHA warns consumers that there is no need to pay for help getting refund money from the FHA. In fact, in some cases it may be more advantageous not to take a direct payment of this refund. As stated before, that FHA-to-FHA refinances allow you to transfer FHA refund money to pay for the upfront mortgage insurance premium on FHA refinancing--a good way you can offset the up front costs of an FHA loan. But you need to determine whether you're eligible for the refund or not. Contact HUD to learn more--be sure to have your closing date and other pertinent information handy to properly track your FHA loan.
FHA NEWS and RELATED ARTICLES
Some FHA loan applicants come to the application process wanting nothing more than to make their down payment and get into their mortgage. But other borrowers approach their FHA mortgage with a pre-payment strategy.
Some of the most frequently asked questions about making a new home purchase using an FHA guaranteed mortgage loan involve the issue of the down payment.
Borrowers who have experienced financial trouble and wind up selling their property in a short sale arrangement often recover from their difficulties and feel ready to become homeowners once more.
Earlier this year, the FHA and HUD issued a press release about changes to the FHA mortgage insurance policy. The new policy will include alterations to current mortgage insurance premium policy and how long such policies remain in effect.
If you’re applying for a first-time FHA home loan, you’re likely wondering how long your mortgage will be and what kinds of options you might have for shorter or longer loans, early payoff or what happens if you just pay the monthly mortgage minimum.
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