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stevecomish · Joined: 16 Sep 2009 Posts: 48 0.08 Dollars($)

What are the expenses of a FHA mortgage?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

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

gmakerley · Posted: Wed Sep 30, 2009 7:28 am Post subject:

gunz...down payment requirement for fha is 3.5% of the purchase price.

kas_mah80 · Joined: 06 Sep 2009 Posts: 31 -0.11 Dollars($)

hi qmakrely ,

is there the limit is increase 3% to 3.5% ???

kindly guide me ....
regards
kas

great_captcherz · Joined: 18 Oct 2009 Posts: 9 -1.41 Dollars($)

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

gmakerley · Posted: Mon Oct 19, 2009 11:00 am Post subject:

as noted, the minimum investment required for fha purchase money loans is 3.5% of the purchase price or appraised value, whichever is less.

theofaulhaber

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

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

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.

gmakerley · Posted: Mon Oct 26, 2009 6:42 am Post subject:

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.

gmakerley · Posted: Mon Oct 26, 2009 6:44 am Post subject:

oops...forgot the quotation mark in my first sentence up there after the bold type. and again...i call myself an editor!

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