What Is The Federal Housing Administration?
The Federal Housing Administration (FHA) is a United States government agency founded by President Franklin D. Roosevelt, created in part by the National Housing Act of 1934.
At one time, the Federal Housing Administration was approved to offer refunds on Upfront Mortgage Insurance premiums under certain circumstances. In 2005 President George Bush signed legislation which included putting an end to these refunds, including mortgages with insurance starting on or after December 8, 2004.
Naturally there are exceptions for those who got loans with Upfront Mortgage Insurance prior to that date but FHA loan holders may still be entitled to a refund if:
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The FHA loan started after 1 September 1983 and before December 8, 2004
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The borrower paid an upfront mortgage insurance premium as part of closing on the house
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The borrower did not default on FHA mortgage payments
FHA mortgage holders who have loans dated after December 8, 2004 are still entitled to a refund of their Upfront Mortgage Insurance premiums if they refinance to another mortgage insured by the FHA.
What We Do
When you get an FHA loan, you pay a mortgage insurance premium at the time of closing. This initial premium is called the upfront mortgage insurance premium (also known as UFMIP or MIP).
But this fee is refundable and that's where we come in. Our Tracer Program helps hundreds of homeowners who either don't know they are owed a refund or have tried on their own to get their refund but haven't had the success.
Many complain about the lack of support provided by the Department of Housing, the complication of locating the supporting paperwork, and the stress of having to deal with constant follow ups.
Our Tracer Program provides a valuable service in that we'll help you get your refund. We'll handle all of the paperwork so that you don't have to!
The FHA has over $400 million in uncollected refunds. If you're an FHA borrower and you feel like your due for a refund Give us a call now!
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