YSP and/or origination fee on a VA home loan.

Asked by April Giron, Perth Amboy, NJ Fri Sep 26, 2008

I am choosing between two banks (bankers). I don't see an origination fee on the GFE, but is there a hidden YSP that will be rearing it's ugly head and is that standard to have to pay a YSP? Can you opt to just pay an origination fee vs. YSP? Better yet, can you not pay these fees at all? I'm looking to get the best rate in this volatile market and get the best deal in fees...any ideas out there?

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Jeremy S. Hi…, , Cherry Hill, NJ
Fri Sep 26, 2008
Sure you can opt not to pay any fees. If you are doing a VA loan you will have to pay a funding fee. However the government sets strict limits on what fees a lender can charge when it comes to VA loans. As a consumer you will still have to negoiate the best rate for yourself. I'm employed by a direct lender. If you would like an GFE you can call or email me and we can discuss. I actually do not charge any junk fees. I can also provide you with current references who recently closed and who's closing this week. They can attest to my integrity.

Jeremy S. Hill
Mortgage Consultant
Aurora Financial Group
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