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This is a "gotcha" that has been around forever, and fortunately it only applies on the pay off of an FHA loan. Not sure why or how they have been able to get away with what is obviously pre paid interest penalty. It is important that consumer's know this rule, as not all Agents, Lenders or Buyers are aware of it. On larger loan amounts 29 days interest can be $1,500+ but it is all relevant. Bottom line is be sure pay off of FHA loan is received by current lender prior to the 1st of a month. This is particularly important refinancing "old" FHA loan as there is a 3 day right of rescission (holidays and Sun. don't count) from date of closing to date of funding. Having a closing when an existing FHA loan is involved is ideal if close to 25th of month (not counting Feb.) as less chance for much "double" interest to pay.
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