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Guide To Single Family Home Mortgage Insurance
Discount Points
Lenders can charge discount points to borrowers. A point is $1 for every $100 of the mortgage amount. Points are charged when the interest rate is lower than the yield required by investors who buy mortgage securities. (Yield is the ratio of investment
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income to the total amount invested over a given period of time.) Securities are "packaged," usually in portfolios of $1 million dollars or more, and bought and sold in the financial markets. This creates additional mortgage money to lend to other homebuyers.
The numbers of points charged varies in different places at different times and among different lenders.
Discount points for an FHA-insured mortgage may be paid by homebuyer, the builder of the house, or the person selling the house. Discount points may not be financed as part of the mortgage amount (unless you are refinancing your mortgage and you have sufficient equity in the home to cover the points).
HUD does not control the number of points you agree to pay your lender. HUD does not set the points that a lender may require, and HUD does not receive any of this money.
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_________________________ Table of Contents How FHA Mortgage Insurance Works Who Can Get an FHA-Insured Mortgage? Types of Mortgages FHA Insures Shopping for an FHA-Insured Loan Initial Investment (Down payment) Closing Costs and Prepaid Items Payments on an FHA-Insured Mortgage Limits on FHA-Insured Mortgages The Most Frequently Used FHA Mortgage Insurance Programs Other FHA Mortgage Insurance Programs For more information on these and other FHA programs, please contact your local FHA approved lender. Source: General Services Administration
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