Asked by John, Pennsylvania • Sat Sep 13, 2008
My friend is settling on a house next week and his credit score is in the 540's. He is getting a FHA loan around 170K with 5% seller assist and 5% down. The mortgage broker says his credit is bad and can only give him a loan with a FHA funding fee and with 1 point. He has asked me to ask anyone I know if these are true 'fees'. I was hoping the collective knowledge of trulia could help me find him an answer. Specifically, I was wondering if anyone would please mind sharing a list of mandatory and optional fee list for a FHA loan with the above specs in Philadelphia, PA. Is there a minimum/maximum FHA funding fee and is this negotiable. Thank you in advance! John
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