February 12, 2024
FHA Loan Costs: Questions Answered
Some borrowers don’t realize they are permitted to finance certain costs into an FHA home loan. This can help save money out of pocket in the earliest stages of the loan, making it easier to afford the basic initial costs of buying property. Adding more to your home loan can make your monthly payments higher, but for some, that may sound like a good trade-off for saving money upfront on the transaction. Some borrowers feel any addition to their baseline monthly payment needs justification and want to avoid adding to the loan wherever possible. Choose any FHA loan add-ons carefully. Be sure to ask the lender about each addition to your mortgage. How will it increase your monthly payment? Can I Finance FHA Required Mortgage Insurance? Yes, but with caveats. | more...