Comments on: How Do FHA Loans Work? MIP and UFMIP Explained http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/ Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans. Fri, 03 Feb 2012 22:46:49 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Amy http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-3713 Amy Tue, 19 Jul 2011 16:05:05 +0000 http://www.arizonamortgageteam.com/?p=250#comment-3713 if your unearned MIP refund amount is $2,000 though and your new UFMIP is $1,500 than you only get $1,500 of that unearned refund credited back. The refund that is credited cannot exceed the new ufmip. if your unearned MIP refund amount is $2,000 though and your new UFMIP is $1,500 than you only get $1,500 of that unearned refund credited back. The refund that is credited cannot exceed the new ufmip.

]]> By: Shane Hollenback http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-3625 Shane Hollenback Thu, 03 Feb 2011 00:46:31 +0000 http://www.arizonamortgageteam.com/?p=250#comment-3625 Hi Bob, Generally speaking, the Upfront MIP is tax deductible over the term of the loan. The monthly MIP is deductible on an annual basis. Assuming the borrower qualifies for the deduction. We need to speak very generally, because each borrower has different circumstances... and, as always, make sure to consult your tax professional for a specific answer. Hi Bob,

Generally speaking, the Upfront MIP is tax deductible over the term of the loan. The monthly MIP is deductible on an annual basis. Assuming the borrower qualifies for the deduction. We need to speak very generally, because each borrower has different circumstances… and, as always, make sure to consult your tax professional for a specific answer.

]]> By: BOB CARROL L http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-3622 BOB CARROL L Wed, 02 Feb 2011 20:52:52 +0000 http://www.arizonamortgageteam.com/?p=250#comment-3622 IS THE MIP A TAX DEDUCTIBLE ITEM? IS THE MIP A TAX DEDUCTIBLE ITEM?

]]> By: How to Get Six Pack Fast http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-1185 How to Get Six Pack Fast Wed, 15 Apr 2009 13:39:15 +0000 http://www.arizonamortgageteam.com/?p=250#comment-1185 If you ever want to see a reader's feedback :) , I rate this post for four from five. Detailed info, but I just have to go to that damn google to find the missed bits. Thanks, anyway! If you ever want to see a reader’s feedback :) , I rate this post for four from five. Detailed info, but I just have to go to that damn google to find the missed bits. Thanks, anyway!

]]> By: Arizona FHA Streamline Refinance: When Do You Need An Appraisal? | FHA Mortgage Blog http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-1109 Arizona FHA Streamline Refinance: When Do You Need An Appraisal? | FHA Mortgage Blog Sun, 29 Mar 2009 18:46:48 +0000 http://www.arizonamortgageteam.com/?p=250#comment-1109 [...] reason that 1.5% is the magic number is that the 1.5% is the exact amount of your Up Front Mortgage Insurance Premium (UFMIP) and your new loan amount can’t increase by more than your old total loan amount plus the [...] [...] reason that 1.5% is the magic number is that the 1.5% is the exact amount of your Up Front Mortgage Insurance Premium (UFMIP) and your new loan amount can’t increase by more than your old total loan amount plus the [...]

]]> By: Bonnie http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-1085 Bonnie Mon, 16 Mar 2009 17:57:53 +0000 http://www.arizonamortgageteam.com/?p=250#comment-1085 I live in Florida, if they foreclose on my property. will the MIP Insurance pay off the loan, since we had to take the Insurance in order to get the loan? Also will they come after us, for any money, once the foreclosure is done? I recently signed a contract with a local realtor, and I told him, I was not sure how close we were to foreclosure, and that we had the MIP ins, on the loan, he was hurridly ready to list my place anyway. Will I owe the realtor any money, by canceling the contract? thanks, Bonnie I live in Florida, if they foreclose on my property. will the MIP Insurance pay off the loan, since we had to take the Insurance in order to get the loan?
Also will they come after us, for any money, once the foreclosure is done?
I recently signed a contract with a local realtor, and I told him, I was not sure how close we were to foreclosure, and that we had the MIP ins, on the loan, he was hurridly ready to list my place anyway. Will I owe the realtor any money, by canceling the contract?
thanks,
Bonnie

]]> By: Justin McHood http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-706 Justin McHood Tue, 06 Jan 2009 00:16:26 +0000 http://www.arizonamortgageteam.com/?p=250#comment-706 @Karen, Happy to be of help - with the ever-changing UFMIP requirements, it can be confusing! Justin @Karen,

Happy to be of help – with the ever-changing UFMIP requirements, it can be confusing!

Justin

]]> By: Karen Mountain http://www.arizonamortgageteam.com/how-do-fha-loans-work-mip-and-ufmip-explained/#comment-705 Karen Mountain Tue, 06 Jan 2009 00:13:53 +0000 http://www.arizonamortgageteam.com/?p=250#comment-705 Thanks for explaining the difference between a credit and a refund, I had 3 lenders here in my office today and no one could agree! Thanks! Karen Thanks for explaining the difference between a credit and a refund, I had 3 lenders here in my office today and no one could agree!
Thanks!
Karen

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