VA GFE confused???

[Anonymous]

I applied for a VA loan with a Navy Federal, the total amount financed was $224k and some change, i asked for $219,900, the GFE had $16,000 in fees. I'm not the brightest crayon in the box but I feel like I am being took. I just started this mortgage journey, but I am just ready to give up and keep my lease. Is $16K in fees usually what you see on a $220K VA mortgage? Plus why did it come to $224K, im so confused? Can send the GFE with email request.

[tater72]

What is the price of the home you are buying and what is the amount of your loan? My husband and I are also going VA and there are tons of fees on our GFE that come close to $17K but our GFE shows the seller is responsible for these fees. The only portion the broker attempted to roll into our loan was the VA funding fee which came out to an additional $5K but we were able to get this portion waived due to being a disabled vet. Without seeing it your GFE sounds like it's fine and keep in my GFE is just that - an estimate. Best of luck to you.

[demo18c]

Your fees sound really really high. The house I am buying is 222K. Because Im using my VA for the 3rd time my funding fee is $7k. That plus closing cost comes out to 13k with the seller paying 3.5k of that. Now you ask for 219k but they gave you 224k because they rolled your funding fee into the amount. Where the 16k in closing comes from beats me.

heres mine

Loan Orig fee         2229

appraisal fee          400

credit report           50

tax related fee        73

commit fee            150

express mail          25

wire fee                  15

closing fee             600

title ins                  445.80

recording fee          90

floor cert                21.50

EST CLOSING       4099.30

paid in advance

harzard ins            720

va fundin fee           7355.70

reserves deposited with lender

hazard ins             120

rax                        1000

est prepaid items    9195.70

total estimate       13295

[Tubtub]

I wouldn't do a VA loan with navy federal.  Rates are usually higher than other credit unions/banks.  There are plenty of other options out there...just do your research and talk to different loan officers. 

[Anonymous]

Yes i have decided to go with a local bank when i get back to the states, the LO that was assigned to me is no help when it comes to my questions. Thanks for all the info.

[Anonymous]

I'm going throught the loan process as well.  As stated, the VA funding fee is included in the closing costs plus any prepaid fees.  They usually calculate up to 6 months of property tax in the figure as well.  There's a misconception that there's no fees involved with VA but that's not the case.  You also have the option of paying the VA funding fee thus reducing the total cost of the loan.  The only real benefit with using the VA is no PMI and and no money down as opposed to putting up tp 30% down with a convetional FHA.

[MonkeyMan17]

I am also going VA, however my GFE's are much better. I have applied with SunTrust  (5%) and they are paying all my closing fees except the funding fee which I'm rolling in. Also I applied with Amerisave and they are also are paying all my fees except funding fee (5.125%). I've been pre-approved with both. My only problem is I haven't found a house yet. So my interest rate is not locked yet.