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VA
Closing Costs
Closing
costs that may be charged to the buyer are considered
"allowable" closing costs per VA. These are buyer
costs that are reasonable and customary as determined by VA. All other costs are considered non-allowable are
are generally paid by the seller when purchasing a home or the
lender when refinancing your current VA mortgage. The
following tables gives a break down of these costs:
Allowable
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Non-allowable
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- Appraisal
Fee (if customary)
- Credit
Report Fee
- Endorsement
Fee (related to title insurance only)
- Home
Inspection Fee
- Notary
Fee
- Origination
Fee (max 1% of loan)
- Discount
Points
- Recording
Fee
- Title
Insurance / Title Search fees
- Funding
Fee
- Survey
- Flood
Zone Determination
- Prepaid
Items such as property taxes and hazard insurance
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- Bring-down
Fee
- Loan
Application Fee
- Processing
Fee
- Lender's
Administrative Fee
- Document
Preparation Fee (unless the documents were prepared by a
company other than the lender)
- Documentary
Transfer Stamp Tax
- Attorney's
Services (other than title work)
- Interest
Rate Lock-in Fee
- Postage/Delivery
Fee
- Loan
Tie-in Fee
- Photo
Fee
- Notary
Fee
- Tax
Service Fee
- Underwriting
Fee
- Escrow
Fee
- Buyers
Broker Fee
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The
aforementioned list of VA closing costs is not an
all-inclusive list. If you have questions, please refer
to your local VA office for clarification. Closing costs
cannot be included in the loan amount (except for a
refinance).
The seller
can pay for all of the buyer's closing costs (up to 4% of the
sales price).
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