You Are Entitled To A Refund From FHAJune 05, 2017
Many homeowners are able to get a FHA refund after they refinance their mortgage. Did you finance your loan with a FHA loan? If the answer to that question is yes, then you may be able to get some of your mortgage insurance payments back when you sell or finance your home. It is estimated that 10 percent of FHA borrowers have money in their escrow account after they pay off their loan. The average person is able to get a refund of $700.
Five Questions That you Have to Answer
There are five questions that you will need to answer in order to determine whether you are eligible for a FHA refund.
1.) Did you take out a FHA mortgage after September 1, 1983?
2.) Did you get mortgage insurance along with your FHA loan?
3.) Did you make your mortgage payments on time?
4.) Did you use a non-FHA loan in order to pay off your mortgage?
5.) Did you pay off your FHA mortgage when you sold your house?
If the answer to any of those questions is yes, then you may be able to get a mortgage insurance refund. The next thing that you will need to do is collect the necessary paperwork. You will also need to get a copy of the HUD-1 statement. Look for the line that states that you paid the FHA a lump-sum mortgage payment. Find your last name and case number on the document.
You can also go to the Does the HUD Owe You a Refund website. The final step is to input the necessary information on the website.
Contact the Federal Housing Administration
Your name may not be on the list. Fortunately, there are things that you can do to make it easier on yourself. You can contact the Federal Housing Agency in order to get information about a refund.
The phone number for the FHA MIP's support service center is 1-800-697-6967. You do not have anything to lose by calling this number. You may also be able to get a nice refund check. Keep in mind that the call center can be busy. That is why you should try calling during the non-peak hours in order to reduce your weight time.
How Much Money Will I be Able to get From the FHA?
The FHA commissioner will determine how much your refund will be.
There are Some Exclusions That Apply
Do you have a FHA loan that was closed before January 8, 2001 and was endorsed before December 8, 2004? If so, then you probably will not be able to get a refund. The FHA has stated that no refunds will be given after the seventh year of insurance. If you have a FHA loan that closed on or before January 8, 2001 and was endorsed before December 8, 2004, then borrowers will not be able to get a refund after the 5th year of insurance.
If you have are eligible for a FHA refund, then you should receive an application within 45 days of paying off your loan. In some cases, you will be able to receive your refund within 45 days. Make sure that you have filed the mortgage termination request. Additionally, if you are newly married, divorced or changed your last name, then you will likely have to provide supporting documentation to the FHA.
If you have a co-borrower who has passed away, then you will also need to provide supporting documentation. You can provide the FHA with a death certificate. You may also need to provide the birth certificates of heirs.
No Need for you to hire a Tracer
The Department of Housing and Urban Development has hired people to get in touch with homeowners who are owed a refund. There are tracers that you can pay to help you find your loan. However, the Department of Housing and Urban Development will not ask you to to pay anything for their services. That is why there is no need to hire a third-party in order to get your refund.
Many people will get postal and email solicitations about getting a FHA refund. If you get information from a third-party company, then you should ignore it.
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