Posted on: 29th Sep, 2009 11:06 pm
What are the expenses of a FHA mortgage?
Hi stevecomish,
Welcome to our forum.
In my opinion, The expenses a buyer is responsible for when purchasing a house with an FHA loan are the following:
1)Down payment (usually no more than 3%)
2)Appraisal fee, escrow, loan origination fee (typically 1% of base loan amount),
3)Recording fees, credit report charges, title insurance policy fees, MMI impounds, hazard insurance and reserves, MIP (insurance, which
can be financed), and property taxes.
Will be charged to get FHA.
Thanks & Regadrs.
gunz.ijjistaff
Welcome to our forum.
In my opinion, The expenses a buyer is responsible for when purchasing a house with an FHA loan are the following:
1)Down payment (usually no more than 3%)
2)Appraisal fee, escrow, loan origination fee (typically 1% of base loan amount),
3)Recording fees, credit report charges, title insurance policy fees, MMI impounds, hazard insurance and reserves, MIP (insurance, which
can be financed), and property taxes.
Will be charged to get FHA.
Thanks & Regadrs.
gunz.ijjistaff
gunz...down payment requirement for fha is 3.5% of the purchase price.
hi qmakrely ,
is there the limit is increase 3% to 3.5% ???
kindly guide me ....
regards
kas
is there the limit is increase 3% to 3.5% ???
kindly guide me ....
regards
kas
hi
i am new in this community but i think FHA is loan and if you have good credit score you are able for this loan
i am new in this community but i think FHA is loan and if you have good credit score you are able for this loan
as noted, the minimum investment required for fha purchase money loans is 3.5% of the purchase price or appraised value, whichever is less.
Down Payment Requirement is 3.5%
If those funds aren't available, FHA allows a gift from a family member if they have the ability to give it.
Minimum Credit Requirement on an FHA loan is 550
If those funds aren't available, FHA allows a gift from a family member if they have the ability to give it.
Minimum Credit Requirement on an FHA loan is 550
When purchasing a house with a FHA mortgage the buyer is responsible for the following: Down payment (usually no more than 3 percent), appraisal fee, escrow, mortgage origination fee , recording fees, credit report charges, title insurance policy fees and MIP (mortgage insurance, which can be financed), and property taxes.
let's get this right for once and for all...the down payment requirement is not "usually no more than 3 percent as lee so bodaciously announced just above. the minimum required down payment for fha loans is 3.5% (three and one-half percent), no matter what anyone tells you.
as noted earlier, that amount can come from a borrower's own funds, or from a gift from a family member. there is no way in which a person can obtain a loan for greater than 96.5% of the purchase price or appraised value of a home, whichever is the lesser amount.
please...all those who are stuck on this 3% thing...just look it up and you'll see. just read others' posts and you'll see. please...if you don't know the right answer, don't just throw out words. you do a disservice to all those who are seeking this vital information.
and thank you for your cooperation.
as noted earlier, that amount can come from a borrower's own funds, or from a gift from a family member. there is no way in which a person can obtain a loan for greater than 96.5% of the purchase price or appraised value of a home, whichever is the lesser amount.
please...all those who are stuck on this 3% thing...just look it up and you'll see. just read others' posts and you'll see. please...if you don't know the right answer, don't just throw out words. you do a disservice to all those who are seeking this vital information.
and thank you for your cooperation.
oops...forgot the quotation mark in my first sentence up there after the bold type. and again...i call myself an editor!