Question:
I am closing on my house and all charges are detailed not 1% allowable. Are third party escrow fees etc still allowable on top of the 1% origination fee?
Jim's Reply:
VA caps the lender’s compensation on VA loans to 1% of the loan amount. This fee is meant to compensate the lender in full. Fees for items such as processing and underwriting may not be charged if this 1% fee is charged to the veteran. The veteran is responsible for closing costs.