FHA defines allowable closing costs that may be charged for the FHA loan to the borrower. These costs are determined as reasonable and customary by each local FHA office.

FHA Closing Costs

FHA Allowable Costs Charged to the Borrower

The FHA defines allowable closing costs that may be charged to the borrower. These costs are determined as reasonable and customary by each local FHA office.

All other costs in the transaction are considered non-allowable and generally paid by the seller when purchasing a new home or by the lender when refinancing your current FHA mortgage.

The appraisal fee and any inspection fees
Actual cost of credit reports
Lender's origination fee
Deposit verification fees
Home inspection service fees up to $200
Cost of title examination and title insurance
Document preparation (by a third party not controlled by the lender)
Property survey
Attorney's fees
Recording fees, transfer stamps and taxes
Test and certification fees, water tests, etc.

Allowable in a refinance: courier fees, wire transfer fees, fees to payoff bills, reconveyance fees.

FHA LOAN QUESTION # 6 [ -more FHA questions- ]

Q: What happens if interest rates decrease and I have a fixed rate loan?

A: If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one, refinancing is smart. Refinancing may, however, involve paying many of the same fees paid at the original closing, plus origination and application fees.

FHA Loan Rates

Refinance Averages
for 2/09/2010

15 Year Fixed

No Points
Low Interest
Best APR

30 Year Fixed

No Points
Low Interest
Best APR

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