Followed by 12 common mistakes made by new home buyers. In the case of a FHA Loan, the down payment must be the borrower's own money. Closing costs, prepaids, and reserves can be a gift or loan from a relative.
Closing costs are the charges and fees that are paid at closing.
Some of these are paid to third parties for survey fees, courier costs, etc. Generally, two months taxes and insurance are also collected and placed in escrow. Once you have given us all necessary information, you can expect to have your loan processed in 2-3 weeks. FHA Loans, however, can take 30 to 45 days. You have the option to lock in an interest rate any time during loan processing.