April 15, 2011
Does the FHA owe you money? Some are led to believe so based on third-party advertising on television, the Internet, direct mail and via telemarketing calls, but should you believe these advertising efforts?
According to the FHA, there’s a very simple way to determine whether the FHA owes you money; “If you had an FHA-insured mortgage, you may be eligible for a refund from HUD/FHA”, FHA.gov says, explaining that some borrowers are owed a partial refund of mortgage insurance premiums under the right circumstances.
Only borrowers who have loans originated after September 1, 1983, paid up-front mortgage insurance at closing time and most importantly, did not default on mortgage payments are eligible to get this refund money.
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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