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Your FHA mortgage is designed to get you into a home for a fair price; you should not be required to pay above and beyond the normal fees associated with buying a home. There are a set of payments, fees and other charges that are illegal.

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June 28, 2017
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Are Any Loan Connected Costs Prohibited?

FHA Common Question #12

There are a set of payments, fees and other charges that are illegal. If you are seeking an FHA loan, do not pay any unearned fees. These can include a fee paid above and beyond the level of service, a kickback, fees charged for a service that was not delivered or that was different than the service paid for.

FHA guidelines are not the sole regulation of these kinds of illegal fees-federal, state and local laws all prohibit some or all of these costs. If you feel you are being asked to pay a prohibited fee or cost, check with the FHA, or contact a housing counselor immediately to get advice, or consult a lawyer with expertise in home lending.

Your FHA mortgage is designed to get you into a home for a fair price; you should not be required to pay above and beyond the normal fees associated with buying a home.

NEXT:  What Should I Avoid When Applying?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
When the Seller Wants to Help Pay Your FHA Closing Costs

June 12, 2017 - FHA loan rules in the FHA Handbook limit the contributions of an interested party, who may be the seller or any other person or party who wants to contribute to closing costs. These contributions are limited to a maximum of six percent of the sale price of the home.

Are FHA Loans Allowed When One Family Member Buys a Home From Another?

May 29, 2017 - FHA loan rules have special requirements for home loan transactions that may be termed “identity of interest”. These transactions, which are sometimes allowed, are between parties with an existing business relationship or between family members.

Is it Possible to Apply for Another FHA Mortgage?

May 22, 2017 - Some borrowers experience some confusion over the rules for FHA loans in cases where a homeowner wants to think about applying for an FHA mortgage to buy a second home. What are the FHA loan rules that apply in such circumstances? 

Verifying Alimony and/or Child Support for FHA Loans

May 16, 2017 - The FHA Loan Handbook states that a borrower may use alimony/child support income to qualify for an FHA home loan if it can be verified and meets FHA requirements. How does your FHA lender may consider alimony and child support as part of a borrower’s effective income? 

How FICO Scores Affect Your FHA Home Loan

May 12, 2017 - The FHA Handbook instructs lenders that a borrower is technically qualified for maximum financing  at the required minimum 3.5% down payment when the applicant has a FICO score at 580 or higher.