March 30th, 2014 4:50 PM by Salim (Sam) Kader MLO# 130505
Thanks to Consumer Financial Protection Bureau (CFPB), FHA has agreed to end its controversial full-month interest policy on its loan that has been paid off. This new policy is for future borrowers starting Jan. 21st 2015. Until then - if you a seller or refinancier paying off an FHA loan - insist that your closing date is as close to end of the month as possible. Thus reducing in paying accrued interest on loan that you've paid off.