Here's some very good FHA loan news. At the moment, when someone pays off an FHA loan by refinancing or selling their house, the borrower's current lender collects interest for the full month, regardless of when the payoff is made. As an example, if someone pays off an FHA loan on the first of the month, they end up paying interest through the end of the month. They pay interest for a loan they no longer have for the next 30 days. That can get pretty expensive.
Now the good news. For all FHA loans that close on or after January 21, 2015, that is no longer allowed. If the existing FHA mortgage is paid off on the first of the month, the borrower will no longer owe an entire month of interest on a loan they no longer have. They will only owe interest until the payoff is made. If it's paid off on the first, then they only owe one day of interest, not 30 days of interest.
Once in a while the new mortgage rules make sense. This is one of those times.
Did you know that we sell our loans directly to Fannie Mae and Freddie Mac? That means we can get our loans approved without the additional underwriting requirements that most lenders have. If we give you a pre-approval, it's going to close.
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