Closing Requirements
- Interest credit allowed (calculated at 1/365th)
- Loan must fund by the 7th calendar day of the month preceding the first payment date
- A full 30 days of interest will be charged for the month in which the loan funds (as allowed by HUD and
charged by servicers when the payoff is not received on the 1st day of the month) - Proof that the previous month’s payment was made within the month due. (e.g. updated payoff
statement). - As with all FHA no-cash-out refinance transactions, any cash received by the borrower at
closing must be incidental due to changes in the payoff and cannot exceed $500. - Termite, Well and Septic Inspections/Certifications are required as noted on appraisal and/or
sales agreement. - A minimum of 24 months chain of title as evidenced by the title.
