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Fha informed consumer choice disclosure 2025

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The document is an Informed Consumer Choice Disclosure Notice that outlines the differences between FHA-insured mortgages and alternative conventional mortgage products. It provides a comparison of typical costs, including loan amounts, closing costs, down payments, interest rates, monthly payments, and mortgage insurance premiums. The notice emphasizes the importance of understanding these options and encourages borrowers to ask questions to determine the best financing choice for their needs. It also clarifies that this disclosure is not a contract or loan approval.

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What is informed consumer choice disclosure?

Section 203(b)(2) of the National Housing Act was recently amended to include requirements for an Informed Consumer Choice disclosure. This disclosure is intended to assist borrowers in comparing the costs of a FHA loan versus similar conventional loans.

What is the FHA 85% rule?

Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraisers estimate of value.

What would disqualify a house from FHA?

The FHAs three requirements are that a property must be safe, secure, and structurally sound to qualify for one of their loans. Properties cannot have adverse conditions that might imperil the homeowner, and must meet proper building codes. As a buyer, these standards protect you from buying an unsafe property.

What is the closing disclosure for a FHA loan?

By federal law, the lender must give a five-page closing disclosure form to the borrower three days before closing. This allows them to review it and make certain that nothing has changed substantially, from the loan estimate they received when they applied for the mortgage.

What is a consumer choice disclosure?

Section 203(b)(2) of the National Housing Act requires a disclosure to assist borrowers in comparing the costs of a FHA-insured mortgage versus similar conventional mortgages. This disclosure must be given to prospective borrowers that may qualify for both FHA-insured financing and a conventional mortgage product.

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What is being an informed consumer?

Being an informed consumer is advantageous to the economy, market and consumers. An informed consumer is capable of making sensible decisions by gaining an insight about a product prior to its purchase. This insight equips the consumer with the data to arrive at an evidence based conclusion.

What is FHA disclosure?

Also called an Escape Clause, the FHA amendatory clause is a disclosure that gives FHA loan borrowers the ability to back out of purchasing a home and receive a refund of any upfront earnest money if the value of the home is below the agreed-upon sales price.

What disclosures are required by FHA?

Section 203(f) of the National Housing Act requires a disclosure to assist borrowers in comparing the costs of a FHA-insured mortgage versus similar conventional mortgages. This disclosure must be given to prospective borrowers that may qualify for both FHA-insured financing and a conventional mortgage product.

Fha informed consumer choice disclosure 2025

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