HUD Homes / VA Homes News
01/01/10
1% Cap on FHA Mortgages is Eliminated by HUD
The US Department of Housing and Urban Development (HUD) announced that it will remove the 1% origination fee cap on loans insured by the Federal Housing Agency (FHA).
HUD has made the change to remain consistent with the Real Estate Settlement Procedures Act (RESPA), which requires mortgage lenders to disclose to borrowers a single origination fee on the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement.
The removal of the fee cap will go into effect on Jan. 1, 2010.
To match the changes of FHA regulations, HUD will now no longer limit the amount of the origination fee charged to FHA borrowers.
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HUD Homes / VA Homes News
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