MIP Refund Chart and How to Request a MIP Refund

Mortgage insurance protects the financial interests of lenders and mortgage investors in case you default on your loan. The MIP refund chart helps you calculate your Federal Housing Administration (FHA) MIP refund by providing you with information on eligible refund percentages. Read on to find out how DoNotPay can help you with your MIP refund. 

The MIP Refund Chart Explained

The MIP refund chart is at your disposal when you get to calculating your FHA MIP refund. The chart shows the percentages of your refund based on the time that has passed after closing on the loan.

Months After Closing

MIP RefundMonths After ClosingMIP RefundMonths After Closing

MIP Refund

1

80%1356%2532%
278%1454%26

30%

3

76%1552%2728%
474%1650%28

26%

5

72%1748%2924%
670%1846%30

22%

7

68%1944%3120%
866%22042%32

18%

9

64%2140%3316%
1062%2238%34

14%

11

60%2336%3512%
1258%2434%36

10%

For example, you bought a $250,000 house fifteen months ago, and your upfront mortgage insurance premium was $4,375 (1.75% times the base loan amount). Should you choose to refinance now, you are eligible for a 52% refund, which comes down to $2,275. The longer you wait to refinance, the lower the refund amount will be. 

How to Request an FHA MIP Refund With DoNotPay

DoNotPay can help you request a MIP refund. Getting a MIP refund on your own can be quite taxing because you have to deal with all the calculations and numbers, but that’s why DoNotPay is here for you. You can go to our website and request a refund not only for MIPs but for other services as well.

DoNotPay will help you request your refunds seamlessly in just a couple of clicks. Here’s what you have to do:

  1. Login to DoNotPay through your web browser or download the iOS app 
  2. Scroll down until you find Cashback Instantly and left-click it
  3. Fill in the necessary information
  4. Left-click on Sign and Send

Once you’ve gone through the steps, DoNotPay will handle the rest of the process. A request for a refund will be sent to your bank automatically. You will also receive a letter with the ins and outs of VISA and MasterCard, which could prove useful for building evidence for your case. 

How to Request a MIP Refund on Your Own

Dealing with mortgage insurance refunds is not to be taken lightly. If you don’t mind the hassle, you can always request a MIP refund on your own. 

Can You Request a Refund Via

Yes / No
DoNotPay

Yes

Email

No
Phone

Yes

Letter

Yes
Website

Yes

In-person

No
Automatic Refunds

Yes

Requesting a MIP Refund Through HUD Website

Applying for a MIP refund can be done through The United States Department of Housing and Urban Development’s (HUD) Single Family Insurance Operations Division (SFIOD). 

  1. Go to the Upfront Premium Collection menu on the FHA Connection
  2. Select Request a Refund under the Pay Upfront Premium section
  3. Enter refund information when the page appears
  4. Check your email for the receipt from the SFIOD

After you’ve submitted the request, you must also submit the necessary documentation to support the refund. 

Getting an Automatic MIP Refund

You can also apply for an automatic MIP refund. You are eligible for it if:

  • You’ve refunded overpayment amounts four weeks after a case is endorsed for FHA mortgage insurance
  • A refund has been made for a payment of an invalid case
  • The lender cancels a non-endorsed case
  • A non-endorsed case is automatically canceled by HUD due to inactivity 

The automatic MIP refund was made possible with the Homeowners Protection Act that was signed into law in 1998. A similar law was introduced in 2000 for FHA insured loans, which gave way to the Homebuyer Savings Plan. 

Requesting a MIP Refund by Letter

To request a MIP refund by letter, go to HUD’s Lender Electronic Assessment Portal (LEAP) in the FHA Connection’s Lender Functions menu. There you will find the Endorsement address, which you can use to send your request. 

Requesting a MIP Refund by Phone

Contacting HUD through a phone call is done by dialing (800) 697-6967. The lines are open from 9 a.m. to 6 p.m. EST, Monday through Friday. 

FHA MIP Refund Policy

There are a couple of eligibility requirements that must be met before you apply for a MIP refund. In order to be eligible for a refund, you must hold an FHA loan that meets the following requirements:

  • Closed less than three years ago
  • Up-to-date mortgage payments 
  • In foreclosure
  • Not an assumed FHA mortgage

You should bear in mind that you must refinance into another FHA loan to receive a MIP refund. For streamline refinance, MIP refunds are available after seven months. 

It is also important to remember that your FHA MIP refunds will not be refunded in cash. The policy states that refinancing a current FHA loan to another FHA loan within three years, the refund credit may be applied to reduce the amount of the UFMIP paid on the refinanced loan. 

How to Calculate Your FHA MIP Refund

To calculate your FHA MIP refund, you need three vital pieces of information. 

  1. Your original MIP amount
  2. The number of months passed after your closing date
  3. The eligible refund percentage

After you have the necessary information, multiply your original MIP amount by the eligible refund percentage, and you will get the total refund amount. For example, if your original MIP amount was $2,500 ten months ago, your eligible refund percentage is 62% — $2,500 multiplied by 0.62% equals $1,550

If you have additional questions regarding your refund, you can always contact HUD’s Mortgage Insurance Premium Refund Support Service by phone or email. 

Tracking the Status of My MIP Refund

If you are due for a refund, you can search the HUD database to find out if you are on the list. If you are not on the list, call 1-800-697-6967 to get more information about your status. 

To search the database, do the following:

  1. Enter your last name or FHA case number
  2. Enter the city of the property under FHA insurance
  3. Select the state of the property under FHA insurance

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