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Are FHA closing costs fixed? Are closing costs normally prepaid or rolled into the loan?

sara · Posted: Tue Mar 18, 2008 4:38 am Post subject: RE: FHA loan closing costs

Hi Gabe,

The closing costs in general range from 3-6% of the loan amount. For FHA loans, it's around the same percentage, though it allows for seller concessions.

The closing costs can be rolled into the loan. But it will require you to pay a slightly higher rate compared to what you can get if you pay the closing costs yourself. Regarding prepaids, there are certain items which require to be paid prior to closing.

Take Care

gmakerley · Posted: Tue Mar 18, 2008 6:34 am Post subject:

there are some fees that are charged on conforming loans that are not allowed on fha loans.

banker0679 · Posted: Tue Mar 18, 2008 9:01 am Post subject:

On a FHA refinance you can roll everything into the loan, and go up to 97.75% LTV Rate/term. If you're taking out cash then it's up to 95%.
The closing costs are calculated in this percentage.

There is a FHA funding fee 1.5% that is charged on all 30yr fixed fha mortgages. On a purchase you can roll it into the loan. With a purchase you will need the seller to pay all of your closing costs. This is how closing costs are 'rolled in' with a purchase transaction.

Most FHA lenders also charge a 1% origination fee, but not 'discount points'. If they do charge the discount point, then make sure you're receiving a really low rate. You may pay processing, underwriting, tax cert, flood cert, and other fees on the lender portion for FHA mortgages.

The fees aren't fixed, and they are negotiable.

banker0679 · Posted: Tue Mar 18, 2008 9:02 am Post subject:

to clarify - the fha funding fee 1.5% is fixed.....that is not negotiable as it is mandatory per FHA

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

Hi,
FHA closing costs is not fixed.There is some fees limit so oit is good to new home buyers.In FHA Loan there are some section that you should be understand.

As per your question , closing cost can be rolled back but it has other rule try to gather information from expert.

Regards
Dilip

gmakerley · Posted: Thu Apr 16, 2009 7:22 am Post subject:

dilip, the previous post is from more than a year ago. your post not only adds nothing to the previous discussion, but it makes little (if any) sense. please be aware of this in the future. your posts ought to be timely and have relevance. please try to stay on point.

Guest

can prepaids be added into the loan
or can a seller concession pay for them

gmakerley · Posted: Fri Feb 19, 2010 12:01 pm Post subject:

you can't add prepaids to a loan unless it's a refinance transaction; it's impossible on a purchase. sellers can help with prepaids, yes.

Guest

My bank is charging $3211 on a $145,000 mortgage. This is much higher than the 1.5% you've been talking about. Why?

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FHA Closing Costs