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Old 03-30-2009, 08:13 PM
 
100 posts, read 369,730 times
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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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Old 03-31-2009, 06:17 AM
 
Location: Wake Forest, NC
835 posts, read 3,738,498 times
Reputation: 648
Depends on the rate. If your LO is delivering the wholesale rate to you then yes it would make sense to have 1% origination.
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