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         FHA Closing Cost           

When purchasing a home, you will generally have some closing cost in addition to any down payment. FHA closing costs that may be charged to the buyer are considered "allowable" FHA closing cost per HUD. These are buyer costs that are customary and necessary to close the mortgage. For all loans originated after January 27, 2006 the following table outlines some of the cost. 

This is a major change from the past which limited what fees the borrower was allowed to pay.  This change was made to bring FHA loans in line with other traditional loans and make the program more attractive and usable.  FHA will not allow "mark-ups," i.e., charging a fee to the mortgagor for an amount greater than that charged the mortgagee by the service provider; only the actual cost for the service maybe charged the mortgagor.

You should consult your lender and request a copy of the Good Faith Estimate for charges on your transaction.  One thing to keep in mind is that the seller of a property may pay up to 6% of the purchase price for buyer closing costs.  This can help reduce the buyer amount needed to close.

 

FHA Allowable Costs

FHA Non-allowable Costs

Appraisal Costs (Actual Cost) generally $300 -$350

Credit Report Costs (actual Cost)

those customary and
reasonable costs necessary to close the mortgage.

Origination Fee (max 1% of loan)

Origination Fee (max 2% on Home Equity Conversion loans)

 Allowable in a Refinance      

those customary and
reasonable costs necessary to close the mortgage

Payoff of other bills

  Tax Service Fee

 

 

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