Asked by Sullylynn, Scottsdale, AZ • Sat Jan 16, 2010
I have been getting advice to check out FHA loans. I am a buyer looking to purchase a home in Maricopa County, Arizona ( Scottsdale, or ParadiseValley). We cant afford the 20% most banks are requiring for the size of the loan which is around 700K. I have excellent credit and no debt. I understand there is something called a funding fee associated with this loan. I last heard that the funding fee is 1 3/4 % which is taken from the balance of the loan after your down payment. Then this amount is added to the total borrowed amount and spread over the term of the loan. Does FHA loan up to 700,000 in this area?
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