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As renriq said, but I wanted to add that there are fees that a borrower is specifically NOT allowed to pay. That does not mean the seller has to, but either the lender or the Realtor would in those cases.
The rest is up to negotiation, if the seller wants to pay certain closing costs (like with any other loan program) they can... but there is nothing special required.
About 3 years ago FHA loosened up their standards on acceptable buyer paid closing costs. Basically all 'typical' closing costs can be paid by the buyer these days on a FHA loan. Now VA...that's another story.
About 3 years ago FHA loosened up their standards on acceptable buyer paid closing costs. Basically all 'typical' closing costs can be paid by the buyer these days on a FHA loan. Now VA...that's another story.
Tax service fee is usually the one that is not borrower allowed these days. Since its $50-75 with most lenders, I usually end up paying it out of my revenue. I can't think of any other "typical" fee that falls into this category.
If a lender/broker is charging "junk" fees that is when a problem occurs. The FHA does not want brokers/lenders charging a bunch of useless fees and driving up buyer's costs.
Right, but not by the buyer. So that leaves the seller or the lender/broker to pay it. Usually thats the first item I mark as "seller paid" on a GFE if a seller is paying anything towards closing costs. If they are paying $0, then I end up paying it.
Its a charge from some lenders to setup the payment of the taxes? Most times its $50-75. I look at the total fees a lender charges and not at any line item when I compare options for my borrowers. J
ust have to remember that on FHA the buyer can pay underwriting, origination, processing, flood certification and many other fees... but tax service and application fees are not allowed. We make $0 out of any of these fees... they go to the lender.
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