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 exising 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.
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FHA Loan Articles and Mortgage News
December 5, 2018 - When you purchase a home with an FHA mortgage, are you already contemplating when you might sell or refinance? It may sound premature to some, but for those who prefer long-term financial planning a strategy for home ownership makes sense.
December 4, 2018 - No matter if the loan you’re interested in is an FHA One-Time Close construction loan, an FHA purchase loan for existing construction, or even a USDA home loan, you will encounter the phrase conforming loan in your home buying journey.
December 2, 2018 - The average civilian with no time in uniform cannot be approved for a VA home loan because this mortgage is a benefit offered in exchange for military service. FHA mortgages, on the other hand, are open to all financially qualified borrowers.
December 1, 2018 - FHA mortgage loans require the home to meet minimum standards in order for the loan to be approved by your participating lender. There are some issues that leave the lender no choice but to deny the mortgage. Do you know what those are?
November 29, 2018 - A study by the National Association of Realtors reveals that a large number of house hunters in the Millennial age range purchased a previously owned home that requires some kind of repair work. If it’s safe to assume that Millennials love fixer-upper homes.
FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
