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loansjls
2 Posts |
 Posted - 07/16/2009 : 6:01:31 PM
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 I have a VA loan $449,000 in California. I am running into all the lenders charging 25% coverage fee for exceeding conforming $417,000. I am aware that this is a lender rule and not VA. The county that I live is high cost and VA will except loan amounts up to $1,094,625. Does anyone know if there is a lender out there that will not charge this fee? Thank you |
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liverichly
6415 Posts |
Posted - 07/16/2009 : 6:28:07 PM
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| You mean they are requiring the borrower to put 25% down on the amount financed over $417k... or they are charging you 25bps to the price? |
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abcdef
230 Posts |
Posted - 07/16/2009 : 6:45:21 PM
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| Doesn't make sense. If the VA loan limit is 1 million and your loan amount is 449, they will not have to put any money down. Use TBW for this. I just did two of them at 550k with no problem. FYI - TBW just added a price adjustment for loans above 417k. They didn't have this until the other day. |
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jchvw9
81 Posts |
Posted - 07/17/2009 : 08:47:23 AM
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| loansjls, I run into this issue a lot and our options are getting fewer and farther between. TBW is an option, but as abcdef said, they do have a pricing adjustment above 417k. Also, depending on your time frame, TBW might not meet your needs. Wells does up to the county limit, but their pricing hits are insane. The only other national lender option I know is MetLife, but they have a .625 hit on over 417K as well. I know this is probably not very helpful, but I wish you the best of luck. If you do find some other great options, I would love to hear about them. |
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