Comments on: FHA Q&A http://www.fhamortgagecenter.com/fha-blog/fha-qa-2/ Just another WordPress weblog Fri, 27 Feb 2009 19:09:48 -0800 http://wordpress.org/?v=2.8.2 hourly 1 By: Jeff Belonger http://www.fhamortgagecenter.com/fha-blog/fha-qa-2/comment-page-1/#comment-837 Jeff Belonger Sat, 24 Jan 2009 16:22:38 +0000 http://fhamortgagecenter.com/fha-blog/FHA Q&A#comment-837 I understand some things change in the course of the year, such as what you listed as MIP of 1.5%, which is now 1.75% unless you are streamling. But the refund for MIP is only 3 yrs and that was changed over 4 years ago... and it's only refunded if you refinance. If you sell or payoff the mortgage in the 3 years, there is no refund. On another note, even if you put 20% down, you still have MIP and you will still have MMI for 5 yrs no matter what. That's been like that since I have been in the business since 1992. thanks, jeff I understand some things change in the course of the year, such as what you listed as MIP of 1.5%, which is now 1.75% unless you are streamling. But the refund for MIP is only 3 yrs and that was changed over 4 years ago… and it’s only refunded if you refinance. If you sell or payoff the mortgage in the 3 years, there is no refund.

On another note, even if you put 20% down, you still have MIP and you will still have MMI for 5 yrs no matter what. That’s been like that since I have been in the business since 1992. thanks, jeff

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