FHA Announces New Interest Policy

New FHA mortgages will require that lenders collect interest only on the balance remaining on the date of closing for a home sale or refinance, according to a recently announced policy change. Under the new rule, if a homeowner is selling their home and there is a balance on the FHA loan, the lender must stop charging interest on the date of the closing. They won’t be allowed to compute the interest charges that would be due through the end of the month and then add them into the total amount. The policy will be in effect starting January 21,2015.

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