FHA funding fee - How much lenders are charging normally?

lillbitt10 · Joined: 04 May 2009 Posts: 1 1.57 Dollars($)

why is this fee applied & what is the normal fee? $3,800

JKennedySLG · Posted: Mon May 04, 2009 3:56 pm Post subject: fha funding fee

FHA funding fee is the mortgage insurance which is based on your loan amount. It is tacked on to the base loan amount and financed throughout the loan. This will happen on all FHA loans as well as all loans exceeding 80% Loan To Value ratios. I hope this helps...

elnoralittle · Posted: Mon May 04, 2009 5:52 pm Post subject: fha funding fee

It is called FHA Upfront mortgage insurance premium.
FHA funding fee is 1.75% of the total loan amount and is financed into the loan.
It is an upfront premium that goes along with the monthly premium.

If you have an FHAMIP quoted on a goodfaith and a funding fee....then something is not right.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Elnore is correct. If both are being shown then there is some thign wrong.

Guest

I read what Elnora said& on my good faith est. it shows fha ufmip/va fund. fee...loan origination fee...commitment fee....morg. ins. premium total...morg. ins. total... these are the things im worried about. Are they normal?? please help....

gmakerley · Posted: Fri May 08, 2009 8:59 am Post subject:

sheery without being able to visualize what you're referring to, it's hard to say yes or no to your question. however, if you can itemize those numbers for us so we can break them down, it would allow us to give you a reasonable answer.

Guest

They sound normal..but a break down would be good like George suggested. They aren't normal if the costs are sky rocketing high.
tell us the name of the fee, the amount and the sales price of the property.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Thats a good idea.

gmakerley · Posted: Sat May 09, 2009 5:58 am Post subject:

man o man...doesn't everyone just love these "i agree" posts?

shayneroy · Joined: 12 Nov 2007 Posts: 51 21.08 Dollars($)

I agree! *chuckles*

eric1 · Posted: Mon May 11, 2009 1:45 pm Post subject:

They are just trying to cozy up to Elnora

Guest

is it normal to charge for all of these. They all seem the same to me?
Processing Fee $490
Review of Appraisal Fee $300 (Separate from apraisal fee)
Recording fee $240
loan origination fee $587.86
Are all these going into the same guys pocket?

jameshogg · Posted: Tue Jul 28, 2009 9:13 pm Post subject:

Hi Monique,

It is quite normal for the lenders to charge all the fees mentioned by you. However, these fees may vary to some extent from lender to lender.

Thanks

gmakerley · Posted: Wed Jul 29, 2009 11:22 am Post subject:

wow...where have i been on this one? eric, i missed your post! but i wonder...if they're trying to cozy up to elnora, how does that account for her remark about "like george suggested." and she's way down in maryland...

ashleyblanton · Posted: Wed Aug 05, 2009 10:58 am Post subject:

Monique, if thats the only costs of your loan then that is cheap!

Processing Fee/Admin/Application - whatever you want to call it is usually the broker/lenders business fee.

The origination or YSP is what the LO is making. But generally not 100% of it if they are working under a broker. The Broker is taking a portion of that as well.

The appraisal review fee is normal, espescially in this market where everything is under a microscope.

Best of luck!

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