April 18, 2011
The HUD GFE Good Faith Estimate is paperwork the borrower is given as part of the the FHA loan process. This is a very important document–it explains the nature of the FHA loan including potential interest rate increases, the amount of monthly mortgage payments that could increase as a result, and plenty of other data crucial to making a budget for the new mortgage and other living expenses.
The form states, “This GFE gives you an estimate of your settlement charges and loan terms if you are approved for this loan. For more information, see HUD
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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