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Assumptions & Default
What types of closing costs are associated with FHA-insured loans?
Except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. The FHA requires a single, up-front mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% if you complete the HELP program- see Question 91). This initial premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After closing, you will then be responsible for an annual premium - paid monthly - if your mortgage is over 15 years or if you have a 15-year loan with an LTV greater than 90%.
Can I roll closing costs into my FHA loan? 
No. Though you can't roll closing costs into your FHA loan, you may be able to use the amount you pay for them to help satisfy the down payment requirement. Ask your lender for details.
Are FHA loans assumable?
Yes. You can assume an existing FHA-Insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is stream lined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.
What should I do if I can't make a payment on my loan?
Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information.
Are there any options if I fall behind on my loan payments? 
Yes. Talk to your lender or a HUD-approved counseling agency for details.

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Keith & Gina MacRae
Albuquerque Brokers

Direct: 505.792-7628
Office: 505.898.2700
Fax: 505.792.7676

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Coldwell Banker Legacy
10300 COTTONWOOD PARK NW
ALBUQUERQUE, NM
87114


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