FHA Closing Costs

FHA World - FHA Closing Costs

The FHA has a list of closing costs that can be charged to a borrower. These are referred to as “allowable costs.” Anything that is not on the list is, by definition, considered as non-allowable.

Allowable fees for an FHA loan may include costs for the following types of services:

  • Mortgage origination
  • Deposit verification
  • Attorney services
  • Home appraisal
  • Title insurance and examination
  • Document prep
  • Survey of the property
  • Pulling credit reports

What we've done is break down closing cost into three categories.

FHA World - Bank Fees

These are fees that lenders are allowed to charge.

FHA World - Third Party Fees

These are fees that are paid to companies that provide a service.

FHA World - Escrows

FHA loans require an escrow account. Your property taxes and property insurance will be paid each month with your mortgage payment.

Since property taxes and property insurance vary with each property we will give you a general idea of how escrows work.

FHA Closing Costs >>

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2019 FHA Credit Score needed to buy
a condo or refinance

FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA requires a minimum credit score of 500 to buy a home or refinance


Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid

Loans other than Government: Seasoning is determined by the date of sale the lender sold the property

Short Sale

FHA guidelines requires three year past from the date of sale of the property

What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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