Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 26 Posts
- 2025 | 133 Posts
- 2024 | 168 Posts
- 2023 | 105 Posts
- 2022 | 144 Posts
- 2020 | 12 Posts
- 2019 | 44 Posts
- 2018 | 106 Posts
- 2017 | 80 Posts
22
FHA doubles fees for loan assumptions
The Federal Housing Administration (FHA) has increased the maximum fee lenders can charge for processing loan assumptions from $900 to $1,800. This adjustment addresses the costs associated with these transactions, which involve transferring a seller's mortgage to a buyer.
The previous fee limit had been a challenge for mortgage companies. This is the first update to the fee limit since 2016. Loan assumptions have become a valuable tool for affordability in the current market, as they allow buyers to benefit from older, lower interest rates.
The Federal Housing Administration also instituted a new language preference requirement that servicers must observe in transfers.
May 21, 2024
Article belongs to CAR.org