Browse Our Site:
Search Mortgage Library:
Types Of Mortgage Loans Mortgage Lender Directory  +  Mortgage Calculators  +  Mortgage (ARM) Indexes Mortgage Market Survey
+ Find The Best Mortgage + Ask A Mortgage Related Question  +  Articles And Publications  +  Mortgage Glossary + Search Mortgage Rates +
Credit Grade Guide Historical Mortgage Index Data  +  Historical Mortgage Rate Data  +  Home Interest Rate Trends

VA Loan Closing Costs

Mortgage Library: Ask a Mortgage Related Question: Answers: VA Loan Closing Costs

Question:

Hi,

I have been approved for a VA loan. I have been given a good faith estimate from a lender. The home we are buying is a new construction house for $230,000. The total closing costs we are being charged is $10,685. Of those closing costs, I noticed that we are being charged some 'unallowable' fees such as the processing fee and underwriting fee. I have found in writing that these are 'Non-allowable' costs. What should I do? What if the lender refuses to take off these fees? Any help would be much appreciated.

B. L.
Tampa
Florida

Answer:

Dear Mr. Bryan Lang,

An underwriting fee is ok if it is customary charge. The VA actually reviews the details of the loan, so, if something is not correct, they usually fix or adjust it before the loan closes.

The VA does not allow junk fees. Part of the high closing costs are the VA funding fees. They are normally higher the greater the loan amount in relation to the value of the property. The 800 section on the HUD show the actual lender fees. The other fees probably would not change much between lenders on other sections of the HUD.

Hope this helps with your question on closing costs.

We look forward to working with you!

Randy Matthew, CFP
Old Cypress Mortgage Co. 8:30 AM-5:30 PM
https://www.best-florida-mortgage.net :-$
888-929-9397


Mortgage Lender Directory + Find The Best Mortgage + Search Mortgage Rates


Mortgage-Related Questions Answered


Mortgage professionals are welcome to participate!
Home  +  About Us  +  Contact Us  +  Disclaimer  +  Privacy Policy
Mortgage-X is an independent information service and is not affiliated with any lending institution.
Copyright 1998-2017 Mortgage-X.com
All Rights Reserved