FHA Closing Costs

You should consider closing costs when you purchase a home through the FHA loan program. The FHA makes it affordable to purchase a home, which is why they allow you to finance up to 96.5% of the value of your home and down payment assistance. This allows you to purchase a home with only 3.5% down, and very few out-of-pocket costs are required to secure and close the mortgage loan.

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Closing Cost Questions

The closing costs and fees that the FHA allows you to finance into your mortgage include:

• Any attorney fees that are associated with the purchase of your home
• The lender's loan origination fees
• You may be eligible for a FHA loan if you have judgments against you if the judgments are paid prior to closing
• Appraisal fees to determinine the value of the home
• Inspection fees to determine the condition of the home and if there are any problems with the home that need to be fixed
• Any deposit verification fees associated with the purchase of the home
• Any costs associated with the title, including the title search and title insurance for the home
• Any costs associated with preparing documents that are required for the mortgage loan and purchase of the home
• The cost of any credit reports that are required for the mortgage loan
• The cost to have the property surveyed
• Any recording fees and taxes associated with the purchase of the home

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Contact your local FHA office if you have a question about a fee or cost that is not on this list to see if you can finance it with your FHA mortgage loan. Allowable fees may vary from state to state, so consult your local FHA office to see which costs you will be responsible for and which costs you can finance with your mortgage loan.