I have some VA loan questions. I was looking at the lender closing statement of $21,117. In there was 11 months of real estate taxes, termite, $800+ of homeowners insurance and even $1512 buyers title

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Michael Blue, REALTOR - 760-889-8877, Encinitas/Carlsbad (Home Smart Realty West)

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Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

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I have no idea. None of these charges look excessive to me (except maybe title insurance, but I don't know prices in your state) and they are part of closing costs on any transaction, not just VA loans. Discuss with a lender.

Jun 27, 2016 09:51 PM

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Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

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THe only charge you mentioned that the VA has any written statement on is the termite inspection. Depending on the state a VA borrower may not pay for the termite inspection. The rest of the charges are related directly to the loan. In our area owners title insurance is optional but lenders is required. I will say the total amount you mentioned in closing costs seems high it without knowing loan charges etc it is hard to know.

Jun 27, 2016 09:04 PM

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Lyn Sims

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Nina Hollander, Broker

Charlotte, NC

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Bob Crane

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Whenever the govt is invited into your business, there will be plenty of fees, some needed and many created to satisfy govt waste.

Jun 27, 2016 02:59 PM

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Michael Blue

Encinitas, CA
Fred Griffin Florida R...

Tallahassee, FL

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Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

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Hopefully John Meussner or Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi or some other AR Lender will weigh in on this.

Jun 27, 2016 01:25 PM

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Nina Hollander, Broker

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Debbie Reynolds, C21 Platinum Properties

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As far as I know VA does not have stated requirements on this but your lender (undrewriter) will. Based on the amounts you gave, these could be within normal ranges for your area.

Jun 27, 2016 12:53 PM

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Nina Hollander, Broker

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Would need more detail to see what's going on - that $22,117 could include UFMIP which could make sense depending on loan amount

Veterans are not allowed on VA loans to pay termite inspection (must be seller paid or paid outside of closing by another party)

Jun 28, 2016 04:32 AM

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Fred Griffin Florida R...

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Michael Blue

Home Smart Realty West - Encinitas, CA

REALTOR - 760-889-8877, Encinitas/Carlsbad

Thanks for chiming in all. The lender wouldn't give me any info, the buyer was only providing the total closing cost of $21,117. We don't do alot of VA in this market in my service area. It's gov, lots of fees. Termite should not be here however, taxes may be over estimated at 11 months and looks like it should be 6-7. I've got a handle on it now, thanks again. Got it changed from $21,117.00 to $14,800 today!!!

Jun 28, 2016 01:48 AM

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Michael Blue

Encinitas, CA

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Anthony Acosta - ALLATLANTAcondos.com

Harry Norman, REALTORS® - Atlanta, GA

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That's a great question for a lender....

Jun 27, 2016 10:27 PM

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Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

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Hopefully one of the AR mortgage experts will weigh in. VA buyer can't pay for termite as far as I know, having done several of these

Jun 27, 2016 03:38 PM

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Nina Hollander, Broker

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Patricia Kennedy

RLAH@properties - Washington, DC

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Michael, I'd certainly raise questions with the lender. It doesn't sound right, although I'll admit that I don't do a lot fo VA loans.

Jun 27, 2016 01:14 PM

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Nina Hollander, Broker

Charlotte, NC

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Mary Yonkers

Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA

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There are several loan officers who are ActiveRain members. Check the leader board.

Jun 27, 2016 12:56 PM

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Diana Zaccaro Broker A...

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Ryan Huggins - Thousand Oaks, CA

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That sounds like what happened to two people who tried to buy a home I had listed with a VA loan. I'd talk with a couple lenders to learn about the loans. Some lenders can do it without those, some can't.

Jun 28, 2016 10:50 AM

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Rainmaker
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Harry F. D'Elia III

WEDO Real Estate and Beyond, LLC - Phoenix, AZ

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I would refer those questions to the buyers lender in your state.

Jun 27, 2016 11:25 PM

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Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Sounds fine to me & I'm not sure what your question is. Too many variables.

Jun 27, 2016 10:16 PM

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Roy Kelley

Retired - Gaithersburg, MD

Your loan officer will provide the information you need.

Jun 27, 2016 10:01 PM

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Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

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I do not now.

Jun 27, 2016 10:00 PM

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Jennifer Mackay

Counts Real Estate Group, Inc. - Panama City, FL

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I'm sure some of the loan officers here can answer this one

Jun 27, 2016 09:55 PM

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Tony and Suzanne Marriott, Associate Brokers

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Jun 27, 2016 08:55 PM

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Rainmaker
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FN LN

Toronto, ON

The VA would be best qualified to answer this question as they are the ones who administer VA loans.

Jun 27, 2016 07:24 PM

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Kathleen Luiten

Resort and Second-Home Specialist - Princeville, HI

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Call a loan broker in your area to see if that particular property has any special conditions. He or she can tell you whatever is standard and any variables.

Jun 27, 2016 06:10 PM

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Sam Shueh

(408) 425-1601 - San Jose, CA

mba, cdpe, reopro, pe

Call your local mortgage on VA loan who pays what on NRCC... I think sellers pays all...

Jun 27, 2016 04:21 PM

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I have no idea. None of these charges look excessive to me (except maybe title insurance, but I don't know prices in your state) and they are part of closing costs on any transaction, not just VA loans. Discuss with a lender.
THe only charge you mentioned that the VA has any written statement on is the termite inspection. Depending on the state a VA borrower may not pay for the termite inspection. The rest of the charges are related directly to the loan. In our area owners title insurance is optional but lenders is required. I will say the total amount you mentioned in closing costs seems high it without knowing loan charges etc it is hard to know.
Whenever the govt is invited into your business, there will be plenty of fees, some needed and many created to satisfy govt waste.
Hopefully John Meussner or Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi or some other AR Lender will weigh in on this.
As far as I know VA does not have stated requirements on this but your lender (undrewriter) will. Based on the amounts you gave, these could be within normal ranges for your area.
Would need more detail to see what's going on - that $22,117 could include UFMIP which could make sense depending on loan amount

Veterans are not allowed on VA loans to pay termite inspection (must be seller paid or paid outside of closing by another party)
Thanks for chiming in all. The lender wouldn't give me any info, the buyer was only providing the total closing cost of $21,117. We don't do alot of VA in this market in my service area. It's gov, lots of fees. Termite should not be here however, taxes may be over estimated at 11 months and looks like it should be 6-7. I've got a handle on it now, thanks again. Got it changed from $21,117.00 to $14,800 today!!!
Hopefully one of the AR mortgage experts will weigh in. VA buyer can't pay for termite as far as I know, having done several of these
Michael, I'd certainly raise questions with the lender. It doesn't sound right, although I'll admit that I don't do a lot fo VA loans.
There are several loan officers who are ActiveRain members. Check the leader board.
That sounds like what happened to two people who tried to buy a home I had listed with a VA loan. I'd talk with a couple lenders to learn about the loans. Some lenders can do it without those, some can't.
I would refer those questions to the buyers lender in your state.
Sounds fine to me & I'm not sure what your question is. Too many variables.
The VA would be best qualified to answer this question as they are the ones who administer VA loans.
Call a loan broker in your area to see if that particular property has any special conditions. He or she can tell you whatever is standard and any variables.
Call your local mortgage on VA loan who pays what on NRCC... I think sellers pays all...