The above chart is what we use to determine the amount of money refunded at the time of a FHA to conventional refinance. FHA charges an upfront MIP (mortgage insurance premium) amount of 1.75%, a sizeable refund when you do it after 6-18 months from original purchase. Southern Californians are among the few states' area to appreciate enough to get rid of both the monthly MI (often higher than your taxes!) and get a nice refund! As an example, let’s say you purchased your home 15 months ago and paid an upfront mortgage insurance premium of $1,750. If you sell your home or refinance in month 15, you may be eligible to receive 52% of that amount back, or $910. So how do you request this refund? Read moreAnd don't forget to call Anne James at 562 619-2058 to see if you're eligible to refi and the same or lower rate, drop the monthly MI and recieve a nice refund!