mip refunds
You may be eligible for a mortgage insurance premium (MIP) refund if you originated your loan after September 1, 1983, paid an upfront mortgage insurance premium at closing, and did not default on your mortgage payments.
However, several exceptions may apply. FHA borrowers that fit into any one of the following situations may not be eligible for a refund:
Assumptions: When an FHA insured loan is assumed, the insurance remains in force (i.e. the seller receives no refund). The new owner of the property may be eligible for a refund when the loan is paid in full.
FHA to FHA refinances: When an FHA loan is refinanced, the refund from the old premium may be applied toward the upfront premium required for the new loan.
Claims: When a mortgage company submits a claim to HUD for insurance benefits, no refund is due the homeowner.
The tables listed below are to be used to calculate the remaining mortgage insurance premium that you paid at the time of origination.
Former FHA borrowers who think they might be due a refund can call a toll free number, 1-800-697-6967, or write HUD at P.O. Box 23669, Washington DC 20026-3699. Or you can look for your name with the HUD Refund Search Form
If you do not receive a check or an application for refund from HUD within 45 days after you have paid off your loan, check with your mortgage company to confirm that they have sent HUD a request for termination. If they confirm that the correct termination information was sent, contact HUD. If you do not receive a refund or any other documentation from HUD within 60 days from the date you mailed your claim form, contact HUD immediately.
To calculate your estimated MIP refund, multiply your original upfront mortgage insurance premium with the factor listed in the table below.
For mortgages closed before January 1, 2001:
MIP Refund Factors |
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Year 1 |
Year 3 |
Year 5 |
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| Month 1 | 0.9917 | Month 25 | 0.7835 | Month 49 | 0.3720 |
| Month 2 | 0.9833 | Month 26 | 0.7670 | Month 50 | 0.3580 |
| Month 3 | 0.9750 | Month 27 | 0.7505 | Month 51 | 0.3440 |
| Month 4 | 0.9667 | Month 28 | 0.7340 | Month 52 | 0.3300 |
| Month 5 | 0.9583 | Month 29 | 0.7175 | Month 53 | 0.3160 |
| Month 6 | 0.9500 | Month 30 | 0.7010 | Month 54 | 0.3020 |
| Month 7 | 0.9417 | Month 31 | 0.6845 | Month 55 | 0.2880 |
| Month 8 | 0.9333 | Month 32 | 0.6680 | Month 56 | 0.2740 |
| Month 9 | 0.9250 | Month 33 | 0.6515 | Month 57 | 0.2600 |
| Month 10 | 0.9167 | Month 34 | 0.6350 | Month 58 | 0.2460 |
| Month 11 | 0.9083 | Month 35 | 0.6185 | Month 59 | 0.2320 |
| Month 12 | 0.9000 | Month 36 | 0.6020 | Month 60 | 0.2180 |
Year 2 |
Year 4 |
Year 6 |
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| Month 13 | 0.8917 | Month 37 | 0.5840 | Month 61 | 0.2068 |
| Month 14 | 0.8833 | Month 38 | 0.5660 | Month 62 | 0.1957 |
| Month 15 | 0.8750 | Month 39 | 0.5480 | Month 63 | 0.1845 |
| Month 16 | 0.8667 | Month 40 | 0.5300 | Month 64 | 0.1733 |
| Month 17 | 0.8583 | Month 41 | 0.5120 | Month 65 | 0.1622 |
| Month 18 | 0.8500 | Month 42 | 0.4940 | Month 66 | 0.1510 |
| Month 19 | 0.8417 | Month 43 | 0.4760 | Month 67 | 0.1398 |
| Month 20 | 0.8333 | Month 44 | 0.4580 | Month 68 | 0.1287 |
| Month 21 | 0.8250 | Month 45 | 0.4400 | Month 69 | 0.1175 |
| Month 22 | 0.8167 | Month 46 | 0.4220 | Month 70 | 0.1063 |
| Month 23 | 0.8083 | Month 47 | 0.4040 | Month 71 | 0.0952 |
| Month 24 | 0.8000 | Month 48 | 0.3860 | Month 72 | 0.0840 |
Year 7 |
|||||
| Month 73 | 0.0770 | ||||
| Month 74 | 0.0700 | ||||
| Month 75 | 0.0630 | ||||
| Month 76 | 0.0560 | ||||
| Month 77 | 0.0490 | ||||
| Month 78 | 0.420 | ||||
| Month 79 | 0.0350 | ||||
| Month 80 | 0.0280 | ||||
| Month 81 | 0.0210 | ||||
| Month 82 | 0.0140 | ||||
| Month 83 | 0.0070 | ||||
| Month 84 | 0.0000 | ||||
For mortgages closed on or after January 1, 2001:
MIP Refund Factors |
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Year 1 |
Year 2 |
Year 3 |
|||
| Month 1 | 0.9750 | Month 13 | 0.7333 | Month 25 | 0.5333 |
| Month 2 | 0.9500 | Month 14 | 0.7167 | Month 26 | 0.5167 |
| Month 3 | 0.9250 | Month 15 | 0.7000 | Month 27 | 0.5000 |
| Month 4 | 0.9000 | Month 16 | 0.6833 | Month 28 | 0.4833 |
| Month 5 | 0.8750 | Month 17 | 0.6667 | Month 29 | 0.4667 |
| Month 6 | 0.8500 | Month 18 | 0.6500 | Month 30 | 0.4500 |
| Month 7 | 0.8333 | Month 19 | 0.6333 | Month 31 | 0.4333 |
| Month 8 | 0.8167 | Month 20 | 0.6167 | Month 32 | 0.4167 |
| Month 9 | 0.8000 | Month 21 | 0.6000 | Month 33 | 0.4000 |
| Month 10 | 0.7833 | Month 22 | 0.5833 | Month 34 | 0.3833 |
| Month 11 | 0.7667 | Month 23 | 0.5667 | Month 35 | 0.3667 |
| Month 12 | 0.7500 | Month 24 | 0.5500 | Month 36 | 0.3500 |
Year 4 |
Year 5 |
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| Month 37 | 0.3333 | Month 49 | 0.1625 | ||
| Month 38 | 0.3167 | Month 50 | 0.1500 | ||
| Month 39 | 0.3000 | Month 51 | 0.1375 | ||
| Month 40 | 0.2833 | Month 52 | 0.1250 | ||
| Month 41 | 0.2677 | Month 53 | 0.1125 | ||
| Month 42 | 0.2500 | Month 54 | 0.1000 | ||
| Month 43 | 0.2375 | Month 55 | 0.0833 | ||
| Month 44 | 0.2250 | Month 56 | 0.0667 | ||
| Month 45 | 0.2125 | Month 57 | 0.0500 | ||
| Month 46 | 0.2000 | Month 58 | 0.0333 | ||
| Month 47 | 0.1875 | Month 59 | 0.0167 | ||
| Month 48 | 0.1750 | Month 60 | 0.0000 | ||
