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
April 19, 2024 - We write about many details of FHA home loans, and if you are on the path to homeownership for the first time, it helps to know some of the facts and fiction surrounding these home loans before you start looking for a home, a lender, or applying for pre-qualification.
April 17, 2024 - There is plenty of bad information about home loans in general and FHA loans specifically. You may encounter some of these in the wild when searching for a lender and a home to buy with an FHA mortgage.
April 16, 2024 - Home loans have many similar features. They require down payments, have appraisal standards, and may have rules on how you can use the property you buy. How do home loans compare to one another? We examine some of the major issues in this article.
April 14, 2024 - When a first-time homebuyer starts researching their options for a mortgage loan, it’s easy to find bad information and half-true information online, even from otherwise trusted sources. Some publications do their due diligence and review FHA loan rules to ensure accuracy.
April 12, 2024 - There are important choices to make when deciding whether to rent or own, but making the most informed choice is crucial. Some don’t think about the advantage of a fixed mortgage payment over rent that potentially increases year to year.
