Comments on: FHA’s Upfront Mortgage Insurance Premium and Monthly MI

By: Bimal Ghimire

Bimal Ghimire — Thu, 28 Jan 2010 18:32:54 +0000

My financing institute added MIP amout of 4,331.25 to my loan amount and they also added same figure in closing cost. It looks like they charged MIP twice. Is that the regular practice or I got screwed up? Your answer will be highly appreciated.

By: Ben Nicolas

Ben Nicolas — Wed, 26 Aug 2009 00:26:50 +0000

what was your purchase price?

By: sam

sam — Thu, 13 Aug 2009 02:15:43 +0000

I am a first buyer and Got $387,362.00
there is an item in my settelment estimate as follow:

FHA Upfront “My mortage company name” 6,662.25

My calculation doesn’t mach neither of %1.5 or 1.75%

Also in this article you said if borrower refinancing…, I am not refinancing. I am buying a properties and applied for FHA loan. Does it apply to me tot?

Please advise.

By: Ben Nicolas

Ben Nicolas — Wed, 01 Jul 2009 02:25:27 +0000

This blog post is a good example of why consumers need to be very careful where they get the information they are “educating” themselves with. As Mike P mentioned refunds of UMIP have not existed since 12/04, this post was written in 2007 so it was incorrect from the get go. 2 the umip is now 1.75% and the monthly MI is .55%

Mr. Shailesh Ghimire you may want to make some revisions to this because this post ranks extremely high in Google and who knows how many people have been mis-informed in the last 3 years…

By: Art

Art — Tue, 28 Apr 2009 00:00:22 +0000

I am now educated for my refi this week, that FHA is charging $2660 on a 132K loan, At least I’m going from %7.25 to %5.0 .
I was in “sticker shock” for a little while !

Thanks for the info.

By: purna

purna — Wed, 28 Jan 2009 17:25:24 +0000

This is very useful.I did not know what it was until i started to get my monthly statements.I am educating myself thru this site.

Purna.

By: Arizona Mortgage Guru » FHA Mortgage Insurance Rates Now Risk Based

Arizona Mortgage Guru » FHA Mortgage Insurance Rates Now Risk Based — Mon, 14 Jul 2008 01:18:08 +0000

[...] the Upfront Mortgage Insurance Premium (UFMIP)and monthly Mortgage Insurance IMI) will now be risk based. Even though the borrower has the option [...]

By: Shailesh Ghimire

Shailesh Ghimire — Fri, 02 Nov 2007 18:59:29 +0000

Mike P,

Thanks for pointing out the refund is no longer available.

By: Mike P

Mike P — Fri, 02 Nov 2007 09:46:32 +0000

HUD no longer issues refunds for loans made since December 2004… check out HUD’s Mortgagee Letter 2005-03. In other words you’ll never see any of that upfront premium.

By: Arizona Mortgage Guru » Blog Archive » Is the FHA Loan Program Right For Me?

Fri, 19 Oct 2007 17:39:17 +0000

[...] more than 10% down, then you do not need to pay the monthly mortgage insurance. I have addressed MIP and MI in more detail elsewhere so I will not go into more details [...]

By: FHA Loans

FHA Loans — Wed, 17 Oct 2007 23:00:55 +0000

yep I do a lot of FHA loans, and now many borrowers are aware of the FHA mip refund

By: Shailesh Ghimire

Shailesh Ghimire — Tue, 16 Oct 2007 04:58:14 +0000

Carl,

Very good point. Thanks for stopping by.