In the past when a homeowner has paid off their FHA loan they have been charged interest on their mortgage even AFTER it was paid off! If your loan was insured by the FHA and you paid it off before maturity, at closing you were expectd to pay a full month's interest no matter what the day of the month was that you actually settled the loan! It was a ridiculous rule. Click LA TIMES STORY below to read the article on the new mandate!
LA TIMES STORY
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