Posted on: 18th Sep, 2008 09:54 am
Sorry, if this is a duplicate? I'm new at submitting questions.
I have read in a couple sources that FHA loans typically have much lower closing costs/fees. One source said not many at all.
Is this true?
What fees would be typical? and their cost?
Does FHA regulate what fees are charged?
Does FHA have penalties to mortgage companies that abuse this, especially if a first time buyer?
Are first time buyers entitled to special programs? Credits?
I have read in a couple sources that FHA loans typically have much lower closing costs/fees. One source said not many at all.
Is this true?
What fees would be typical? and their cost?
Does FHA regulate what fees are charged?
Does FHA have penalties to mortgage companies that abuse this, especially if a first time buyer?
Are first time buyers entitled to special programs? Credits?
FHA loans do not have less fees. Most brokers can not charge or make more than 5% on a loan, which would inculde points charged directly to you, and points made from the bank. They are capped legally at 6.99% under section 32.
There are no typical fees perse...but if you have a lower credit score and the loan is more difficult to obtain approval for then the broker or lender may charge more.
There are no typical fees perse...but if you have a lower credit score and the loan is more difficult to obtain approval for then the broker or lender may charge more.
Hi bkeskitalo !
Welcome to Forums!
Thanks for the information.
Sussane
Welcome to Forums!
Thanks for the information.
Sussane