UFMIP
Business & Finance abbreviation · Real Estate & Mortgage
| Stands for | Upfront mortgage insurance premium |
|---|---|
| Categories | Business & Finance |
UFMIP stands for Upfront mortgage insurance premium, a real estate & mortgage abbreviation.
One-time FHA mortgage insurance charge, typically 1.75% of the base loan amount, that borrowers usually add to the loan balance rather than paying in cash at closing.
Example: The UFMIP added $5,250 to our $300,000 FHA loan.
Usage notes
A partial UFMIP refund is available if the borrower refinances into another FHA loan within three years.
Related abbreviations
More real estate & mortgage abbreviations
- ABR – Accredited Buyer's Representative
- ADU – Accessory dwelling unit
- ALTA – American Land Title Association
- ARM – Adjustable-rate mortgage
- ARV – After-repair value
- AVM – Automated valuation model
- BA – Bathroom
- BPO – Broker price opinion
- BR – Bedroom
- BRRRR – Buy, rehab, rent, refinance, repeat
- bsmt – Basement
- CAC – Central air conditioning