Tag: closing costs

Can You Roll Closing Costs into an FHA Streamline?

Question: How do you roll closing costs into an FHA streamline?  MC-  Refinance Loans Chart – All Agencies Answer: There are no Streamline Refinance options that allow for the closing costs to be rolled into the loan, unless you accomplish it through premium pricing and still meet the net tangible benefit requirements.  You would have […]

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VA – Source of Funds: As part of the < 4% of closing costs requirement, what is considered a closing cost?

Answer: The funding fee, prepaid items, and any points paid for a permanent interest rate buy down are not considered a closing cost.  This is clarified when you read the Seller Concessions section of Chapter 8 of the VA Lenders Handbook.  The sum total of all of the Closing Cost Fees (origination, appraisal, title policy, […]

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VA – Policy Reminder Regarding Lender’s Payment of VA Loan Costs – VA Circular 26-18-4, February 23, 2018 – Effective Immediately

By: Tracey Rumsey, Staff Writer VA is issuing a policy reminder on lender’s payment of VA loan costs.  Apparently, there are lenders practicing their creativity.  Be sure to read through this to ensure your practices are equal to the policy as they rarely issue reminders unless there have been issues with lenders. Rule Synopsis: This […]

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