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Old 04-23-2008, 07:15 AM
 
1 posts, read 14,719 times
Reputation: 15

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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?
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Old 04-23-2008, 01:21 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,457,629 times
Reputation: 1008
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?

Quote:
Originally Posted by islaw View Post
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?
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Old 06-14-2009, 09:07 PM
 
5 posts, read 38,397 times
Reputation: 12
three lender fee conventional loan
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Old 07-21-2009, 06:15 PM
 
1 posts, read 12,887 times
Reputation: 14
I have a question also...We are closing escrow at the end of the month with a VA loan. They are charging 1% origination fee as well as 1.25% VA funding fee. Is this right? Does one fee go to Wells Fargo and the other to VA?
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Old 07-21-2009, 06:17 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,457,629 times
Reputation: 1008
if you're working with a broker then the 1% can go to the broker
if it's with well then it goes to wells

the funding fee goes to VA

Quote:
Originally Posted by Mistletoe View Post
I have a question also...We are closing escrow at the end of the month with a VA loan. They are charging 1% origination fee as well as 1.25% VA funding fee. Is this right? Does one fee go to Wells Fargo and the other to VA?
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Old 07-22-2009, 03:02 PM
 
392 posts, read 1,437,043 times
Reputation: 134
Quote:
Originally Posted by Mistletoe View Post
I have a question also...We are closing escrow at the end of the month with a VA loan. They are charging 1% origination fee as well as 1.25% VA funding fee. Is this right? Does one fee go to Wells Fargo and the other to VA?
This is correct. The 1.25% is the VA fee. The 1% origination fee goes to Wells. You could ask them what the rate would be if you did 0% origination. The rate will be higher but the fees will be less. You would have to compare both scenarios and determine which is better for you
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Old 07-22-2009, 03:03 PM
 
392 posts, read 1,437,043 times
Reputation: 134
Quote:
Originally Posted by islaw View Post
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?

3% down payment conventional seems like an odd product in this market. Most lenders are requiring 5%, sometimes more if the house is in the declining market. Confirm that the loan is conventional and ask point blank why the fees are higher than quoted.
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Old 02-28-2018, 07:20 PM
 
Location: Virginia Beach
16 posts, read 40,729 times
Reputation: 15
You do not have to pay the fee if you are a:
  • Veteran receiving VA compensation for a service-connected disability, OR
  • Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
  • Surviving spouse of a Veteran who died in service or from a service-connected disability
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Old 03-01-2018, 03:02 PM
 
3,638 posts, read 7,927,185 times
Reputation: 4616
Really hope they're not still waiting for an answer on that one.
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Old 03-03-2018, 09:08 AM
 
Location: Cary, NC
34,472 posts, read 60,047,107 times
Reputation: 33725
Quote:
Originally Posted by Pfhtex View Post
Really hope they're not still waiting for an answer on that one.
Maybe a refi at this point?

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