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
August 6, 2020 - The FHA and HUD have announced an extension to certain coronavirus measures initiated to allow lenders to approve FHA home loans among other guidelines altered by a multi subject mortgagee letter issued by HUD in the last week of July 2020.
July 30, 2020 - Renters can face big hurdles when they decide to become homeowners. One of the biggest is saving up for a down payment. With constantly changing economic environments and employment uncertainty, people are facing difficult decisions about how to use or presersve their savings.
July 27, 2020 - Are you ready to buy a home using an FHA home loan? At the time of this writing, coronavirus is still a major problem in the United States and there are revised procedures for appraisals and other measures to avoid spreading the disease while continuing to do business in the housing market.
July 24, 2020 - The importance of credit monitoring can’t be understated; the more you know about your credit report, how it changes and when can make a great deal of difference when you are ready to commit to a home loan.
July 21, 2020 - Consumers are warned repeatedly to monitor their credit for signs of identity theft, erroneous information, etc. Some future home owners already do this, but the concept is new to others. Why is credit monitoring a crucial part of your preparation before applying for an FHA mortgage?
