I have run into this issue twice in the last few months. Chase says VA will allow only the following costs (specific amounts were from a recent closing):
Allowable Costs Amount
- Loan Origination Fee $350.00
- Appraisal Fee n/a
- Credit Report $18.00
- Lender's Inspection Fee n/a
- Tax Related services n/a
- Flood Certification $9.00
- Underwriting Fee $400.00
- Wire Transfer Fee n/a
- VA Funding Fee n/a
- Closing or Escrow Fee $549.00
- Document Prep Fee $99.00
- Notary Fee n/a
- Attorney Fee n/a
- Owner's Title Insurance $669.85
- Recording Fees $70.00
- Transfer Taxes $989.60
- Pest Inspection $35.00
Total $3,189.45
VA says that is not so, that they have no limitations on which costs can be paid, as long as the buyer's lender allows them.
I was able to get Chase to approve the full amount in the contract, $8,358, and we closed.
But now I'm having to go through this again. My VA contact said he has not encountered this with Chase so I'm not sure what is going on.
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