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how does FHA allow a refund of the UFMIP if I refinance to a conventional loan?

Answer
Section 223 of the Consolidated Appropriations Act 2005 amended Section 203(c)(2)(A) of the National Housing Act to eliminate refunds of the Federal Housing Administration's (FHA) upfront mortgage insurance premiums except when the borrower refinances to another mortgage to be insured by FHA. This elimination of refunds is effective for those mortgages endorsed for insurance on or after December 8th, 2004.

 
 

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