What fees can and cannot be paid by a VA borrower
I’ve spoken with many agents in regards to working with veterans who are using their VA loan benefits. I’ve been surprised to learn that unless they work exclusively or at least dedicate a large portion of their business to working with veterans, many agents are not very familiar with VA loans, and what fees their clients can and cannot pay for. When helping a veteran purchase a home using their VA loan benefits, it is helpful to know before hand which fees they can and cannot pay in a purchase transaction.
Fees the borrower can pay for:
- 1% origination fee
- 1% discount fee. No limit has been set, but must be reasonable and customary
- Title insurance/title examination
- Appraisal fee (unless the appraisal is for the reconsideration of value requested by the lender, or other 3rd party
- Recording fees
- Credit report fee
- Property taxes
- Hazard insurance
- Flood insurance
- Physical inspections and any re-inspections (if borrower requests them)
- Survey fee (if required)
- Flood zoning determination fee
- Home warranty
- MER’s tracking fee
- Transfer tax
Fees the borrower cannot pay for:
- Tax service fees
- Lender fees
- Courier fees
- Wire fees
- Email fees
- Lender requested inspections
- Escrow settlement fees
- Doc prep fees
- Conveyance fees
- Interest rate lock-in fees
- Notary fees
- Trustee fees
- Loan application fees
- Processing fees
- Broker fees
- Pest inspection fees
- Well/septic inspection fees
- Amortization fees
- Attorney fees
- Title inspection fees
- Any other “junk/misc” fees
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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