Refinancing from a FHA 30 yrs to FHA 15 yrs - Do I get UPMIP back on current

You will have to pay 1.75% upfront and depending on your loan to value (LTV) the monthly will be from 0% to .25% annually. If you closed in 2010, you would not be qualified to take advantage of the upcoming reduction changes to MIP and UFMIP. It only applies to FHA loan imitated prior to June, 2009. There is no refund after 36 months.. When your lender applies for an FHA case number it will tell them what the anticipated MIP refund will be.. or you can calculate it yourself.. count the months you have had your loan (count the month it closed in), go to Google and search for "UFMIP Refund Chart"... on the chart, search for the months you have had your loan, and use that percentage against your premium to determine your refund... if you want to be sure, contact a LOCAL mortgage broker, not the local "Big" bank or credit union, and certainly not one of those 50 states internet lenders, and have them run you several loan scenarios for comparison...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

After 3 years there is no refund left. Jack C dependableinc@yahoo.com 734-395-9027

Hi Jeremy,I wanted to mention this to you... if you are looking at refinancing now with FHA, you may want to consider waiting until after 06/11/2012 because FHA is about to change to make it better on the FHA streamline refinance program. Both the UFMIP (Upfront Mortgage Insurance Premium) being financed and the monthly MIP - Mortgage Insurance Premium is going to be reduced. This will help reduce your monthly payment. You may want to discuss this with your current lender.

Jeremy - It looks like there are several messages here, but it even confused me reading them. Simply put, you will receive a prorated refund toward your new loan if your FHA to FHA refinance happens within a 3 year period. It looks like you'll be at the tail end of that, so you should get something, but don't expect much. Take the advice of finding the refund calculator, or just ask your local mortgage person; he/she can pull something called a "netting." That will tell you exactly what your refund will be. If you complete a loan other than an FHA, you will not receive any refunds. Because your loan was taken out in 2010, you also won't qualify for the discounted upfront mortgage insurance amount happening on June 11th.

Here's the scoop. If your loan was endorsed by FHA on or before May 31, 2009, then you will be eligible for the new MIP pricing formula. You indicated you financed in 2010, so this means you do not qualify for the new MIP pricing. It also means that a portion of the UFMIP you paid with the original loan will be credited back to you to offset a portion of the new UFMIP. Your new UFMIP will be 1.75% of the new base loan amount and it can be financed. Makes sure you're working with a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They'll be able to correctly calculate the cost and refund you can expect. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Hi Jeremy,William is correct - you are entitled to a partial refund up to 3 years. If you are looking at a 15 year mortgage you are correct in expecting better terms in reference to rate and mortgage insurance rates. Depending on the value of your home and financial situation a conventional loan may even benefit you. The only way to know however is to discuss your specific situation with a loan officer. I am located in East Lansing and have been lending here for 7 years. I would be happy to discuss this with you and advise you on your best options. =Mike Silkworth - msilkworth@unmhq.com - 517 489 2328. Hope I can help, if not, best of luck to you.