Blogging About Loans: VA closing cost chart: who can/will pay what?

An office of elite mortgage lending professionals with a common interest and goal focused on providing customer service that exceeds expectation. Thereby building our business from repeat and referral opportunities. Ruth Vogt. LMB 100023827. NMLS 257576. Regulated by the Division of Real Estate. Fairway Independent Mortgage is an Equal Housing Opportunity.

VA closing cost chart: who can/will pay what?

Have you ever wondered who is allowed  (or required!) to pay what fees. Hopefully, this chart will help!

 Fee/Expense

Borrower

Seller

4% Concession

1% origination fee

x

x

 

Discount Points-customary

x

x

 

Discount Points-to permanently buydown interest rate

x

x

x

Escrowed Funds for temporary buydown

x

x

x

Funding Fee

x

x

x

Appraisal

x

x

 

2nd Appraisal requested by Veteran for reconsideration of value

x

x

 

2nd Appraisal requested by lender for reconsideration of value

 

x

 

Recording Fees

x

x

 

Credit Report

x

x

 

Prepaid Taxes and Insurance

x

x

x

Prepaid Interest

x

x

 

Hazard / Flood Insurance

x

x

 

Flood Cert

x

x

 

Title Examination

x

x

 

Title Insurance

x

x

 

Section II, Continued from Section I above

continued....

 Fee/Expense

Borrower

Seller

4% Concession

Termite Inspection

 

x

 

Mailing Fees – Refinance

x

 

 

MERS Fee

x

x

 

Loan closing or settlement fee

 

x

 

Doc Prep, UW, Processing/App Fees

 

x

 

Attorney services (other than title work)

 

x

 

Photographs

 

x

 

Interest rate lock-in fees

 

x

 

Postage, mailing, telephone calls

 

x

 

Amortization schedules

 

x

 

Escrow charges

 

x

 

Notary fees, trustee fees

 

x

 

Tax Service fee

 

x

 

Fee or commissions to buyer’s agent

 

x

 

Gifts from seller – Example: TV or microwave

 

x

x

Payoff of credit balances or judgments

 

x

x

 

If you have questions or request clairfication, contact your Colorado Home lender.


Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

Twitter Icon           http://www.facebookloginhut.com/facebook-login/

 


by Twitter Buttons

Timer

Comment balloon 6 commentsRuth Vogt • June 28 2017 04:59AM

Comments

VA loan is difficult on the sellers. I reject all offers which are not high conventional mortage. Having a FHA loan having a good time delay delay loan.

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) 6 months ago

This is very good information to share with home buyers and home sellers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 6 months ago

Sam Shueh I am so sorry to hear that veterans are not given consideration on your listings. (I'm a lender, so forgive me for asking - especially if this is a stupid question) but aren't all offers suppose to be presented to a seller and let them decide on what offers to take?

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) 6 months ago

Roy Kelley it can get tricky remember who is allowed to pay what fees. There are the "normal, obvious" ones, but once in awhile a new one sneaks into a transaction and I have to check the charts to be sure!

 

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) 6 months ago

To make all the payments we can make use of the best paypal money adder which has proved to be very successful in recent past. Thanks.

Posted by Nishant Gaurav about 2 months ago

Certainly its all about pp money adder

Posted by paypal money adder about 2 months ago

Participate