funding fee AND origination fee (PMI, lenders, downpay, 1%)

[islaw]

We are to close in 3 days and being slapped with a 1% funding fee on a 30Y, 6.25%, 280k loan (net of 3% down). This is on top of the 1% origination fee and AFTER we've been previously assured that we won't have to pay the funding fee since we're putting down the 3% downpayment. It is not a VA loan but a conventional loan. Can the lender do this?

[renriq02]

FHA is 1.5% for the funding fee but it is FHA's fee...not the lenders.
VA loans have funding fees from 2.15-3.3% but it is the VA fee..not lenders.

If this is a regular conventional loan...then you need to ask them why they're charging so much?

Will there be PMI on this loan? If yes, then what is the monthly PMI payment?

Originally Posted by islaw

We are to close in 3 days and being slapped with a 1% funding fee on a 30Y, 6.25%, 280k loan (net of 3% down). This is on top of the 1% origination fee and AFTER we've been previously assured that we won't have to pay the funding fee since we're putting down the 3% downpayment. It is not a VA loan but a conventional loan. Can the lender do this?