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General Rates and Fees for Lots, Construction/Rehabilitation & Commercial Mortgages

Lender Related Fees and Rates associated with loan origination
Loan Origination Origination fee varies, depending on the amortization period, construction period, the size of Loan and the documentation requirements.

It usually starts at 1% but rarely exceeds 5%

Processing/Underwriting These fees are charged to the seller in Rehabilitation loan cases. In a construction loan case, depending on the loan type they rage between $595 and $1495.
Document Preparation Fee Also charged to seller in a rehabilitation loan. It ranges from $300 to $500 for construction loans.
Third Parties Fees paid at close of escrow usually regulated by government agencies
Appraisal Fee n the case of a construction or rehabilitation loan, the appraisal report is somewhat more involved, as the appraiser has to determine the value of something that is not actually there. Typical fees range from $500 to $1200.
Credit Report Fee Full residential credit report, $60.
Tax Service At about $76 – 100
Flood Check Fee At about $30 – 75
Recording Fee At about $50 – 100
Notary Fee At about $25 – 50
Escrow Fee Usually split between buyer and seller
Title Insurance Usually split between buyer and seller
Pre-Paid Interest paid at close of escrow such as pro-rated Taxes, Interest and Insurance
Pre-paid Interest Interest on the loan until first payment is due. Depends on loan amount and closing date.
Property Taxes Are prorated
Hazard Insurance First year is typically payable in advance

Documents Needed for All Mortgage Application Types

W2 and All Income Applicants (1) – 2 years employment history (no open spaces)

(2) – One month of Current pay stubs

(3) – 2 Years of W2’s statements

(4) – 2 Months bank statements (all pages) including address, phone #  

(5) – Mortgage Statement 

(6) – Social Security Number 

(7) – State issued picture ID like Driver’s License or Non-Driver ID 

(8) – 2 years mortgage (history) records when record is not on credit report

Self Employed Income Applicants

(9) –  Commission, Overtime, Bonus, Partnership, Rental, Trust, Notes Receivable and Interest/Dividends incomes 

(10) – 2 years Personal Federal Income Tax returns and all schedules for (those employed by family business).

(11) – Business license

(12) – Business registration

USDA (Rural Development) Applicants
(13) –
Proof of 50-80% for low and 80-100% for moderate area median income (AMI)
(14) – Proof of repayment affordability typically 20-26% of borrower’s income
(15) – Proof that applicant lack adequate housing
Gift or Home Sale Income Applicants

(16) – If a source of your down payment is a gift: name, address and relationship of donor. Gift funds are verified in both the donor and recipient’s bank accounts

(17) – A copy of  HUD 1 Settlement Statement (to use income from sale of a house) 

VA (Veterans) Applicants
(18) – Form DD214
(19) – Certificate of Eligibility
Non-Traditional Credit Applicants
(20) – Name, address and phone number of landlords and 2 years for receipts or any other traditional income verification sources

FHA Applicants
(21) – Evidence of Social Security Number and photo identification for FHA borrowers
Purchase Applicants
(22) –
A copy of sales contract with all Addendums

Applicants with Child Support Income
(23) – 12 Alimony/child support (to be used as income)
Proof of child support for 2 more years before child 18th birthday or when child is in college before the 24th birthday
25) – If divorced or separated, Divorce decree and settlement agreement
Construction Loans Applicants
(26) –F
or Construction/Perm Loan: A signed construction with cost breakdown, builder plan and specifications contract
(27) – Proof of ownership of the lot