closing costs

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.Â This is clarified when you read the Seller Concessions section of Chapter 8 of the VA Lenders Handbook.Â The sum total of all of the Closing Cost Fees (origination, appraisal, title policy, [...]

lindy222018-12-26T07:48:45-05:00December 25th, 2018|

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 lenderâs payment of VA loan costs.Â Apparently, there are lenders practicing their creativity.Â 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 [...]

lindy222018-05-31T09:36:05-05:00March 9th, 2018|