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What are the FHA Closing Costs?
FHA Closing Costs An FHA mortgage has the unique ability to finance the closing costs. This makes it possible for you, the first time home buyer, to buy a home with very little up front money. There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following:Attorney's or escrow fees (yours and your lender's if applicable) Property taxes (to cover tax period to date) Interest (paid from date of closing to 30 days before first monthly payment) Loan origination fee (covers lender's administrative costs) Recording fees Survey fee First premium of mortgage insurance (if applicable) Title insurance (yours and your lender's) Loan discount points First payment to escrow account for future real estate taxes and insurance Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable) Any documentation preparation fees Having the ability to finance the closing costs makes this type of loan ideal for the first time home buyer. Be sure to investigate FHA loans.
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