FHA - is 1% origination fee standard in NY?
Hello,
We're first-time homebuyers going through a local lender and have a trusted LO that's an old family business associate.
We were a little surprised to learn that we had to pay a 1% origination fee for FHA, since we were originally going to go conventional. Our LO says it's standard for FHA loans being underwritten here in NY.
Is 1% for origination or a 1% discount fee pretty standard? We totally trust our LO, but I like to get as much info from different sources as possible.
Our credit scores are 790+/800+.
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