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
If you have any questions concerning
FHA closing costs
, be sure to send me your questions.
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