FHA Loan

5Comments

1. 

   starrfyrre
   2011/12/11 at 23:08:58

   Reply

   I used a real estate lawyer in PA when we closed on our house. It was a flat fee of $650 and turned out to be a godsend. There was a title problem with the house (federal tax lien) and the lawyer kept me up to date on the seller’s progress in settling the lien, kept in contact with both the seller and the seller’s real estate and tax attorneys, and took care of a lot of details I would not have been able to do myself. The lawyers fees were paid at closing and came out of the seller’s assist in closing costs. We have an FHA loan.

2. 

   loanmasterone
   2011/12/11 at 22:57:57

   Reply

   In some states attorneys are used as closing agents or escrow agents as they are called in other states.

   If your state is a state that use attorneys as closing agents then whatever fee they charge will be paid through the proceeds from your mortgage.

   If your state do not use attorneys as closing agents, you do not need an attorney to close a real estate transaction.

   With the real estate professionals such as your real estate agent, mortgage consultant, escrow closing agent and title company rep, you should be ok and things should work our fine.

   I hope this has been of some use to you, good luck.

   “FIGHT ON”

3. 

   David Z
   2011/12/11 at 22:53:38

   Reply

   No you do not need a lawyer. the agreements are all boiler plate language.

   However if you have no experience you need someone. either an attorney or Realtor. Realtors are a lot less money because seller pays and they get paid a lot less than attorney.

   something trivial like tax pro rata language could cost you $2,000 if you are not experienced at this.

4. 

   LivelyMc
   2011/12/11 at 22:37:44

   Reply

   There’s no reason you need a lawyer to purchase the home. FHA are the most secured loans you can sign.

5. 

   golferwhoworks
   2011/12/11 at 21:46:37

   Reply

   if the state is a title agent state then no. If the state is an atty state then yes