Is it typical to charge .25% discount on VA loans?

Rating: +2


Positive


Negative

No…on VA loans as in all other types of loans…everything is negotiable. VA loans are notoriously rate bounced to make large amounts of Yield Spread Premium. Veterans foolishly think if a company has the ability to do VA loans, the Veteran’s Administration “checked them out” and they are protected.

Nothing could be further from the truth. Years ago I simply paid $125 to the VA for the ability to loan VA loans. No site inspection or financial audit or even background check was performed. One on my wholesale reps talked about the “crookedest” mortgage guys he’d ever seen were the “VA shops”.

Sounds like you found one if they lie about a .25 discount point as “a VA charge”….not true….or it just being “standard” in VA loans.

So watch out!

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