FHA Requirements
Closing Costs and Allowable Charges
While FHA requirements define which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office. All other costs are generally not allowed and are usually paid by the seller when buying a new home, or paid by the lender when refinancing your existing FHA loan.
- Lender's origination fee
- Deposit verification fees
- Attorney's fees
- The appraisal fee and any inspection fees
- Lender's origination fee
- Cost of title insurance and title examination
- Document preparation (by a third party)
- Property survey
- Credit reports (actual costs)
- Transfer stamps, recording fees, and taxes
- Test and certification fees
- Home inspection fees up to $200
Allowed in an FHA refinance loan are wire transfer fees, courier fees, reconveyance fees, and fees to payoff bills.
FHA Loan Requirements
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FHA Loan Articles and Mortgage News
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September 12, 2024 - Filing for bankruptcy, whether Chapter 7 or Chapter 13, has credit consequences. It may be financially necessary, but bankruptcy is a disruption to financial business as usual for those who must file. And that includes your ability to obtain a mortgage loan.
September 9, 2024 - The journey to homeownership involves many steps. Getting a home loan is just one of them, but it’s one of the most important. Some borrowers wait to find a lender, choosing to start the search while looking for a house to buy.
September 8, 2024 - The excitement of finding and making an offer on your dream home can become disappointing if the seller declines your offer. It’s a common issue regardless of how hot or cold the housing market may be at the time.
