Attention FHA Loan Holders

The FHA Mortgage Insurance Premium (MIP) has been lowered to 1.50%.  Those looking to refinance may be eligible for a cash refund from HUD!

    On January 1, 2001, the Department of Housing & Urban Development lowered its FHA Mortgage Insurance Premium to 1.50%.  Prior to January 1, the MIP was 2.25%.  This means any FHA loan holder who wants to take advantage of today's lower mortgage rates may also be entitled to a refund of their unused portion of the old MIP.

    With zero cost refinancing programs available, this means that you may actually be able to lower your interest rate, pay no closing costs, and actually get a refund check of several hundred dollars from HUD!!

    This is a fantastic opportunity for FHA loan holders whose loan began prior to January 2001.  The older the loan, the less the refund.  Please call us with your current loan information and we will be able to tell you whether or not you are entitled to a refund.

Refunds on FHA Streamline Loans

When you refinance a home loan backed by FHA, the credit balance from your original up front MIP will be applied as a credit on the up front MIP required on your refinance loan.