What are the Application Fees for HUD 223(f) Loans?
While HUD 223(f) acquisition and refinancing loans offer incredible benefits to borrowers, they also come with a variety of fees. Some of the most common include lender application fees, which generally cost around $25,000 and include all required third-party reports and due diligence, an FHA
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HUD 223(f) Loan Application Fees
While HUD 223(f) acquisition and refinancing loans offer incredible benefits to borrowers, they also come with a variety of fees. Some of the most common include:
Lender Application Fee: Typically around $25,000. This includes mandatory due diligence, and required third-party reports, such as an Appraisal, Phase I Environmental Assessment, Market Study, and Project Capital Needs Assessment (PNCA.)
FHA Application Fee: 0.30% of the entire loan amount.
FHA Inspection Fee: $30/unit if the repairs are less than $3,000/unit, or the greater of $30 per unit or 1% of the total cost of required repairs if that cost exceeds $3,000/unit
Origination Fee: Negotiable, varies by lender
Finance/Permanent Fee: Usually limited to 3.50% of the entire loan amount (can be paid from loan proceeds)
Good-Faith Deposit (rate lock and commitment): 1% of the total loan amount, due at commitment and refunded at loan closing
Lender's Legal Costs: Vary, paid by borrower
Title Costs: Vary, also paid by borrower