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ldestefano
170 Posts |
 Posted - 07/24/2008 : 6:53:18 PM
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| I have a customer who is doing a cash out refi on her primary residence which is currently an FHA loan. If I understand this correctly she does not have to pay the premium again. I use Encompass software. Do I just leave the section that says MIP Funding fee blank? |
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Ruby2sdae2
514 Posts |
Posted - 07/24/2008 : 7:37:13 PM
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| I have never heard that in all my years. I may be wrong but I seriously don't think I am. Especially since it is a cash out refi...unless they already have an FHA loan and they are refi'ing to another FHA it can be transferred from old loan to new loan. |
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MisterVA
8643 Posts |
Posted - 07/24/2008 : 7:40:00 PM
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| There is a new UFMIP but a refund for part of the old UFMIP depending on when it was taken out. |
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ADenton
44 Posts |
Posted - 07/24/2008 : 7:43:08 PM
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She will have to finance the upfront MIP again. Depending on how long she has had the FHA loan she is in she will be refunded a pro-rated portion of the amount of her original MIP. Here is a link to a chart that breaks down the proration.
http://www.sunnations.com/mortgagelibrary/fha_home_loans/mip_refund_chart.asp
The refund will be credited into the costs of the new loan. |
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johnnyboy38109
4363 Posts |
Posted - 07/24/2008 : 7:46:30 PM
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quote:
Originally posted by MisterVA
There is a new UFMIP but a refund for part of the old UFMIP depending on when it was taken out.
Correct. |
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