Refund Due 

Whenever someone gets an FHA loan, they are required to pay something called Up Front Mortgage Insurance Premium.  This UFMIP is currently calculated to be 1.5% of the loan amount and is set into an escrow account and drawn down monthly for a set number of months until the account is depleted.

Depending on when someone took out an FHA loan and depending on when they refinanced out of that FHA loan, they may be due a refund for whatever was left in that UFMIP account.

Over the last few years, the amount of unclaimed UFMIP refunds has GROWN from about 700,000 people that were owed two years ago to about 873,000 people who are owed approximately FIVE HUNDRED AND THIRTEEN MILLION DOLLARS today.

The average amount of a MIP refund is about $900 although some people might get back up to $5,000.

You can also read more about these statistics in San Diego's local paper yesterday.

Are you owed a refund?

You can reach HUD directly or you can contact me for more information about how the refund process works.