Allowable and Non-Allowable Fees for VA Home Loans

ALLOWABLE CLOSING COSTS

A Veteran, Service Member or Surviving Spouse may pay any of the following reasonable closing costs and fees:

1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee
For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable
Reasonable discount points: Brokers may charge only those discount points required to buy down the loan interest rate – Correspondents/VA Automatic customers are exempt from this requirement, however, the discount points charged must be reasonable and customary
VA appraisal fee – The veteran may not pay a fee higher than the maximum allowable appraisal fee for the state in which the property is located – See VA Appraisal Fee Schedules
VA compliance inspector fees – only if required by the NOV (Notice of Value)
Recording fees
Taxes and stamps
Credit report fees – $50 credit evaluation fee may be paid in lieu of the credit report fee for automated underwriting approvals
Pre-paid items
Insurances (hazard and flood, when required)
Flood zone determination
Well and septic inspection fees
Survey, if required by lender or veteran, except for surveys of condominiums
Title insurance, title examination, title endorsement, title policy, title search
Environmental protection lien endorsement
Express mail fees for refinances if the saved per diem interest cost to the veteran will exceed the cost of the special handling – provide the Invoice if over $50
VA funding fee
Mortgage Electronic Registration System (MERS) fee
Closing protection Letter – not to exceed $35
Fraud protection report
Termite Inspection Fee/Repairs/Clearance Report provided the loan is a refinance
NON-ALLOWABLE BORROWER-PAID CLOSING COSTS

The Veteran, Service Member or Surviving Spouse may NOT pay any of the fees listed below, but the seller or lender may pay the non-allowable fees. However, if no origination fee is charged and the fee is not listed in the section below that itemizes fees the Veteran, Service Member or Surviving Spouse may never pay, the Veteran, Service Member or Surviving Spouse may pay non-allowable costs up to 1% of the purchase price. The Veteran, Service member or Surviving Spouse may also pay a combination of non-allowable fees and an origination fee, provided the combination does not exceed 1% of the purchase price.

The non-allowable fees are:

Attorney fees other than for title commitments
Lenders appraisals
Lenders inspections, except construction loan inspections and inspections required on the appraisal/NOV
Loan closing or settlement fees
Doc prep, underwriting, loan application, admin or processing fees
Assignment fees
Photographs
Interest rate lock-in fees
E-Mail, fax, copying, postage, stationery, telephone or other overhead charges
Amortization schedules, Truth-in-Lending fees, etc.
Notary fees
Escrow fees or charges
Commitment fees or marketing fees of secondary purchasers
Trustee fees
Fees charged by third parties, regardless of affiliation with lender
Tax service fees
Termite inspection fee for a purchase transaction
Attorney fee that benefits the lender
Broker fee
Brokerage fees or commissions charged by real estate agents or real estate brokers in connection with a VA loan when the payoff states a pre-payment penalty is due, veterans may pay pre-payment penalties out-of-pocket only
FHA/VA inspection fees for builders (Normal new construction inspections of the dwelling are permitted when required by the appraiser)
Any portion of the seller’s lien(s) or short sale fees
For purchase transactions, the cost of required repairs and inspections must be paid by the seller. This policy applies to all purchases, including purchases of REO properties. VA does not permit the veteran to pay for repairs other than minor termite damage repairs
VA Loan Limits for 2015: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

VA Home Loans Benefits & Eligibility: http://www.benefits.va.gov/homeloans/

PLATINUM MORTGAGE COMPANY

american-flag-2a

ALLOWABLE CLOSING COSTS

A Veteran, Service Member or Surviving Spouse may pay any of the following reasonable closing costs and fees:

  • 1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee
    For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable
  • Reasonable discount points: Brokers may charge only those discount points required to buy down the loan interest rate – Correspondents/VA Automatic customers are exempt from this requirement, however, the discount points charged must be reasonable and customary
  • VA appraisal fee – The veteran may not pay a fee higher than the maximum allowable appraisal fee for the state in which the property is located – See VA Appraisal Fee Schedules
  • VA compliance inspector fees – only if required by the NOV (Notice of Value)
    Recording fees
  • Taxes and…

View original post 534 more words

Key Economic Indicators that Affect Mortgage Interest Rates: Housing Reports

Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

RPM Mortgage, Inc.

Row of houses

For the past couple weeks, we’ve been looking at how key economic indicators cause mortgage rates to move up and down, and why home owners, buyers and refinancers, should follow along. In this last installment of series, we take a look at three housing reports that indicate the health of the economy.

Case-Shiller Index

Home prices are a huge indicator of how the economy as a whole is performing. The Case-Shiller Index is actually comprised of four indices; the National Home Price Index, 20-city composite index, 10-city composite index and 20 individual metro indices. These indices track the changes in price for sales of the same single-family homes over time in large markets throughout the country. It is published on the last Tuesday of each month and has a two-month lag time, so the index released in March will show data from February and January.

The Case-Shiller Index tells us…

View original post 389 more words

BREAKING: HUD suspends FHA mortgage insurance premium cut

The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately. HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely. Click the headline for more.

Source: BREAKING: HUD suspends FHA mortgage insurance premium cut

FHA cuts mortgage insurance premiums again

When the FHA announced late last year that its flagship fund, the Mutual Mortgage Insurance Fund, grew for the fourth straight year, it led to many question whether we would see a cut to its mortgage insurance premiums again. Now we have an answer. Click the headline for the full details on the FHA reducing mortgage insurance premiums.

Source: FHA cuts mortgage insurance premiums again

5 Ways to Jumpstart Your Credit Score in 2017 — Rapid Rescore by Jason Hall

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Posted by joel lobb at 1:40 PM
Reactions:
Links to this post
Email This
BlogThis!
Share to Twitter
Share to Facebook
Share to Pinterest

Louisville, Ky North America
Kentucky Home Loan Mortgage Types
Kentucky Home Loan Mortgage Types

Kentucky First Time Home Buyer Loans for 2017

1. Become an Authorized User “One tried-and-true trick is to have someone with great credit add you as an authorized user to a card that they’ve had for a long time,” says Casey Fleming, author of The Loan Guide: How to Get the Best Possible Mortgage. Using this method, you can piggyback off someone else’s […]

via 5 Ways to Jumpstart Your Credit Score in 2017 — Rapid Rescore by Jason Hall

pmc-first-time-home-buyers-guide-5-63811831798_428509820672663_2611371571121667624_n10460633_349843721874074_6715813429429288815_ofacebook_1479914107864-2

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The…

View original post 123 more words

Kentucky Housing Corporation’s (KHC) master commissioner sales for Kentucky Housing Foreclosures

Kentucky, Kentucky Housing Corporation, kentucky usda lenders, Kentucky-Louisville, KHC’s (Kentucky Housing ) First Mortgage Government, Louisville Kentucky, Louisville Kentucky First Time Home Buyer, Mortgage broker, Mortgages, Real Estate, Refinancing, United States, USDA, Zero down home loans.

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

BRECKINRIDGE
331 E 6TH STREET 12/19/2016
HARDINSBURG, KY 40143
BUTLER
250 HOLLEY TRAIL 12/2/2016
ROUNDHILL, KY 42275
CAMPBELL
339 E ALEXANDRIA PIKE 12/13/2016
COLD SPRING, KY 41076
EDMONSON
1111 SHADY LAND CHURCH RD 12/3/2016
BOWLING GREEN, KY 42101
FAYETTE
808 LOST TRAIL CIRCLE 12/5/2016
LEXINGTON, KY 40511
1304 SEQUOIA DRIVE 12/16/2016
LEXINGTON, KY 40517-3533
JEFFERSON
1422 WURTELE AVENUE 12/9/2016
LOUISVILLE, KY 40208
8712 MANSLICK RD 12/9/2016
LOUISVILLE, KY 40272
1276 MORGAN AVE 1/13/2017
LOUISVILLE, KY 40213
1106 CLAYBOURNE ROAD 1/13/2017
LOUISVILLE, KY 40214
1529 BICKNELL AVE 1/13/2017
LOUISVILLE, KY 40215
1108 VINEWOOD RD 1/13/2017
LOUISVILLE, KY 40219
MADISON
705 SAGE DRIVE 12/14/2016
RICHMOND, KY 40475
MEADE
575 DUGOUT DR 1/9/2017
VINE GROVE, KY 40175
OHIO
87 MT VERNON RD 12/12/2016
HARTFORD, KY 42347
PENDLETON
310 BEECH ST 12/15/2016
FALMOUTH, KY 41040
SHELBY
46 CHRISTIANBURG ROAD 12/15/2016
SHELBYVILLE, KY 40065

View original post

Kentucky First Time Home Buyer Grants and Loan Programs

Louisville Kentucky Mortgage Grants And Down payment Assistance, Kentucky FHA HUD Homes for $100 Down100 down kentucky fha loan, Bullitt County Ky, fha, FHA insured loan, fha kentucky, Fixed rate mortgage, Frankfort Kentucky, Kentucky, kentucky housing corp, Lexington Kentucky, Louisville Kentucky, Mortgage loan, Oldham County Ky, Paducah Kentucky, Refinancing, va
Kentucky First Time Home Buyer Grants and Loan�Programs

Kentucky FHA Mortgage Loans Guidelines

View original post

USDA Streamline Product: Streamline Assist for all USDA Kentucky Homeowners of current USDA mortgages for refinances

refinance kentucky rural housing refinance streamline refinance streamline refinance ky mortgage usda refinance
Post navigation
Rural Housing Funds for Kentucky USDA Loans

Kentucky USDA Rural Housing Mortgage Loans


I now offer the USDA Streamline Product: ‘Streamline Assist’ for all USDA Kentucky Homeowners for refinances 
Take advantage of our Kentucky Rural Development USDA Streamline Refinance today!
 PROGRAM HIGHLIGHTS
  • Min 640 FICO
  • No appraisal
  • 30 year fixed only
  • Rate term only
  • No GUS run
  • No household income calculation
  • Mortgage only credit report
  • 2nd mortgage liens must be subordinated, but no max CLTV
  • Borrowers may be added but not removed from current loan
  • Max loan amount may include P&I balance of existing loan, eligible loan
    closing costs, funds necessary to establish tax and insurance escrow account
    and upfront guarantee fee
  • NTB must be met – $50 reduction in PITI plus annual fee payment
  • Seasoning required – 12 months timely payments prior to new application
    date
  • Streamlined application:
    * No income
    * Disclose assets only if needed to close
    * No liabilities listed other than mortgage to be refinanced
    * REO –…

View original post 189 more words

Kentucky USDA Rural Housing Loans Have Funds Now for 2016 and 2017

100% Rural Housing loan in Kentucky2016 USDA Changes in KentuckyDown Payment Assistance Program – Housing – Louisville KyFannie Mae New Lending Guidelines for KentuckyFirst Time Home Buyer in Kentucky Zero DownFirst Time Home Buyer Program Specialist-Zero Down LoansKentucky First Time Home Buyer Education LinksKentucky Mortgage ApprovalKentucky State Loan ProgramsKentucky State Mortgage RatesLouisville First Time Buyer Mortgages

Louisville Kentucky Mortgage Rates

Kentucky Rural Development Guaranteed Loans for USDA Funds are now Available!

USDA Announced TODAY, 10/17/16, that funding is now available with the Rural Development Guaranteed Loan Program!  So this means any loans with a “conditional commitment” will be obligated in their system within the next 2-3 days.  This should fund this wonderful program through 9/30/17.  As you know we are Kentucky Rural Housing  USDA experts and are ready to help Kentucky Home
Buyers and Kentucky RHS USDA homeowners!

jcl-usda

Looking for 100% Financing?
Check out
 Kentucky RHS USDA Product!

  • Effective 10/1/2016 the Up Front Guarantee Fee is reduced to 1.0%*
  • No down payment required
  • Up to 6% Seller Concessions
  • Minimum 640 FICO
  • Aggressive Interest Rates/ Pricing for 30 year fixed rate
  • For list of eligible properties: USDA Property Eligibility
  • For income eligibility limits: USDA Income Eligibility

*Note – the up front guarantee fee may be financed into the loan

View original post 346 more words