Cal-Vet Fees

Cal-Vet Fees

LOAN GUARANTEE FEES:
These 'Fees' are based on the following factors:

The amount of the loan and
The size of the down payment.
There is no fee to a Veteran who puts 20% or more down or who is rated disabled by the VA and puts 10% or more down. Furthermore, this fee may be financed with the loan.

TYPICAL NON-RECURRING COSTS:

Loan Origination Fees: (1% x TOTAL Loan Amount), or use the worksheet to calculate.

Appraisal Fee: This is an up-front fee - completed before approval, Cal-Vet will order the Appraisal for the Purchaser / Borrower.

Credit Report Fee: (Usually collected up-front)

Title Insurance: Calculated by the Purchase Price of the Home.

Flood Certification Fee: Required on all New Purchases.

Recording / Endorsement Fees: Required.

VA Funding Fee: (0.050% to 3.00% - per Charts) .

VA Compliance Inspection Fee: ($50.00 to $60.00 as established by local VA Office).

Discount Points: If you are wanting to Pay 'Discount Points' to obtain an available lower rates - Cal-Vet will (Multiply the 'Total Loan Amount' [Use Worksheet to Calculate Points].

Energy Efficient Rating Fee: Typically $100.00 to $200.00 dollars.

Survey Fee: (If required by lender or VA).

Many of these fees may be financed in a Purchase Contract - Talk to one of our agents to find out more.

RECURRING COSTS: (Prepaid Fees)

Fire Insurance Premiums: 14-Months (Prepaid by Veteran)

Flood Insurance Premiums: 14-Months (Prepaid by Veteran)

Prepaid Interest: Approximately 15 to 30-Days (Prepaid Interest)

Taxes: Approximately 6-Months (varies depending on Closing Month).

All of the above Fees may be "Seller Paid"!!!

NON-ALLOWABLE COSTS:

When the Veteran pays the 1% Loan Origination Fee, the Veteran may not pay for fees associated with any of the following services or goods.

This is why you must be "Cal-Vet Pre-Qualified" by a "Trained Cal-Vet Real Estate Agent / Broker" before you ever start looking for a home.

Attorney Services: These services are other than for Title.

Application Fees: Not Allowed

Escrow, Settlement or Loan Closing Fees: Not Allowed.

Inspection Fees: Not Allowed.

Lender Fees: Not Allowed.

Loan Commitment: Not Allowed.

Trustee: Not Allowed.

Truth and Lending Preparation Fees: Not Allowed.

Lender Appraisal Fees: Not Allowed.

Lender Postal Fees: Not Allowed.

Lender Telephone Fees: Not Allowed.

Loan Document Preparation Fees: Not Allowed.

Notary Fees: Not Allowed.

Processing Fees: Not Allowed.

Photo Fees: Not Allowed.

Tax Service: Not Allowed.

Underwriting Fees: Not Allowed.

This is why it's so important to communicate with an approved Cal-Vet Agent to Represent you in your Purchase and Mortgage Transaction - just to make sure that all requirements are met and the process goes smoothly.

COMPLETE A CAL-VET LOAN APPLICATION:
If you want to Qualify for 'Cal-Vet' you will need to complete a Loan Application.