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
September 18, 2021 - Many violations of Fair Housing Act laws occur because the discrimination was brought on the basis of familial status, national origin, or religion in rental or purchase transactions. Landlords, home sellers, and mortgage lenders are all bound by Fair Housing Act requirements.
September 15, 2021 - If you have purchased a home with an FHA mortgage and need help with your mortgage in the wake of a natural disaster, there are several important steps you should take to get relief. Contact your mortgage servicer to ask for assistance with your mortgage while you recover.
September 13, 2021 - FHA Cash-Out loans can be used for refinancing non-FHA mortgages as well as existing FHA loans. The proceeds from this cash-out refinance can be used for any purpose including paying off credit card debt, making home improvements, and even paying for luxury items like cars or boats.
September 5, 2021 - Some refinance loans are specifically to get a better deal. But others need to refinance to help avoid further hurting their credit scores or going into loan default because of missed payments. A borrower who gets behind on the old loan can catch up with the new loan, but time may be of the essence.
September 2, 2021 - Are you about being a truly ready borrower? If you are considering a home loan application is is a great idea to start working on credit and related home loan issues early--long before talking to a broker or mortgage lender.
