Who May Be Eligible For An FHA Refund Or Share?
Premium Refund: You may be eligible for a refund of a portion of paid FHA mortgage insurance premium if you:
- Acquired your loan after September 1, 1983, – paid an upfront mortgage insurance premium at closing, and – did not default on your mortgage payments.
Review your settlement papers or check with your mortgage company to determine if you paid an upfront premium.
- Distributive Share: You may be eligible for a share of any excess earnings from the Mutual Mortgage Insurance Fund if you:
- Originated your loan before September 1, 1983 – paid on your loan for more than seven years and – had your FHA insurance terminated before November 5, 1990.
How Are Refunds Determined?
For any FHA-insured loans with a closing date prior to January 1, 2001, and endorsed before December 8, 2004, no refund is due the homeowner after the end of the seventh year of insurance. For any FHA-insured loans closed on or after January 1, 2001 and endorsed before December 8, 2004, no refund is due the homeowner after the fifth year of insurance. For FHA-insured loans endorsed on or after December 8, 2004, no refund is due the homeowner unless they refinanced to a new FHA-insured loan, and no refund is due these.
If you believe you are entitled to a FHA HUD Refund, please contact us for an appointment.