Mortgage Funding Fee
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Matthew Said:
Is the VA funding fee refundable after the mortgage is paid?We Answered:
NO,The funding fee is how they afford to guarantee part of the loan to the bank and pay for operating costs.
Rose Said:
Can a mortgage broker charge a fee for a mortgage they couldn't fund? application fees, etc?We Answered:
You'll have to pay for the appraisal; if you paid an application fee, that probably won't be refunded.That's about it.
Next time get the GFE before you do an appraisal. This loan officer should have gotten you a GFE about 10 minutes after he took your application. Better that you have moved on.
Theresa Said:
When applying for a VA mortgage is the Funding fee refundable?We Answered:
With VA loan, the seller pays the fees.Ramon Said:
FHA funding fee on FHA loan?We Answered:
The dn pmt amount is not a "program" per se, it is 3.5% in fact!The funding fee is "Risk Based" so the worse your credit score, the higher the fee! If you have good credit you should be getting the best fee cost, sorry don't know off the top of my head! It can be financed into the mtgage and the seller or, dig this, the "mortg broker" can pay for your costs up to 6% of the sale price. So don't let them snow you into believing they're doing you any kind of favor, especially if yo have good FICO scores!
Perry Said:
whats a 809 "funding fee" on a good faith estimate????We Answered:
no such thing .....it can be bogus if you're doing a FHA loan.the 809 is reserved for 'tax service fee'.
it ranges from 75-100 bucks.
you pay it to setup your tax escrow