FHA red tape

[Daniel Porter]

Hey BP! I recently got an FHA loan quote from a lender and the total cost down was a lot higher than I anticipated. Here's some of the numbers $140k property 3.5% down Mortgage $980~/mo Total money down $9,800~ Now the monthly mortgage didn't surprise me, but the total money down definitely did. So my question is, and I'm sure this is a super novice thing to ask lol, but do different lenders have different rates for handling these FHA loans? I always assumed these had regulated/standard fee rates. Any help would be much appreciated! All the love, Dan

[Russell Brazil]

I plan on, and tell my clients to plan on closing costs in the amount of 3% of the property value when purchasing a property.