8. FHA Mortgage Refunds

FHA home loans — funded by the Federal Housing Administration — are quite popular among first-time homebuyers because they allow them to make a low down payment, even if their credit score isn’t that great.

The FHA guarantees to pay a percentage of the loan if you default, but you must agree to bear some of the risks by paying MIP, also known as mortgage insurance premiums, starting with a 1.75% upfront premium of the loan amount.

Here’s the interesting part: the agency had decided that some borrowers qualify for refunds of part of their upfront MIP, provided they don’t default on their loans. Read the FHA’s refund fact sheet to find out if you have some free money waiting for you.

You may want to read Here’s How To Cover Your Healthcare Costs In Retirement In Your 50s.