FHA Mortgage Insurance

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.

Some FHA mortgage holders may qualify for help in the form of a one-time payment from the FHA insurance fund, to help bring your FHA mortgage up to date. Requirements to qualify for this FHA support include a mortgage loan that is at least 4 months, but no more than one-year delinquent, and you can are able to begin making full payments once again.

You will need to sign a Promissory Note and have a Lien on your home until the Promissory Note is fully paid off. Remember that this is a one-time only FHA offer. Protect your credit rating for future FHA loans, FHA mortgages or FHA refinancing packages by maintaining good credit.

FHA/HUD Insured Mortgages and Refunds
If you have an FHA loan or HUD insured mortgage, you may have paid an "up-front" mortgage insurance premium at the closing of your house. Assuming you did not default on your mortgage payments, you may be eligible for a refund on part of your insurance premium. Loans granted after September 1, 1983 may be entitled to this refund. Check your FHA loan settlement paperwork or phone your lender to learn more. If you need further assistance, contact your FHA loan officer for help.