The FHA has a list of closing costs that are allowed to be charged to the borrower. However, the specific closing costs and the amount that is determined to be reasonable and customary is set by each local FHA office. Any other costs are usually paid by the seller when buying a home, or the costs may be paid by the lender if you are refinancing an existing FHA loan.
Here are a list of the fees:
- The appraisal fee and any inspection fees
- Deposit verification fees
- Attorney’s fees
- Test and certification feesLender’s origination fee
- Cost of title insurance and title examination
- Lender’s origination fee
- Credit reports (actual costs)
- Document preparation (by a third party)
- Property survey
- Home inspection fees up to $200
- Transfer stamps, recording fees, and taxes
In an FHA refinance loan, wire transfer fees, courier fees and re-conveyance fees are allowed.