Is there a law that mandates the fee amt. that can be charged to a buyer for origination fees?
- Anonymous1 decade agoFavorite Answer
FHA and VA used to restrict it to a max 1%. Not sure if that's still the case. Any other loan, they can charge as much as you'll pay, up to certain state and federal maximums.
some states cap at 5%. Anything over 8% triggers a ton of federal restrictions and disclosures.
And there's certainly no requirement that they charge one, except for their normal business pricing guidelines, which vary by company.
Sounds like you should shop around before you go further with whomever you are working with.
- Anonymous1 decade ago
No law....if you think its too high then you always have the option not to take the loan.
- de bossy oneLv 61 decade ago
yes and no. in real estate the limit is set by law and is called points. in other types, maybe.