c. Itemized Fees and Charges (continued)

Charge

Description

Recording Fees

The veteran can pay for recording fees and recording taxes or other charges incident to recordation.

Credit Report

The veteran can pay for the credit report obtained by the lender.

For Automated Underwriting cases, the veteran may pay the evaluation fee of $50 in lieu of the charge for a credit report.  For “Refer” cases, the veteran may also pay the charge for a merged credit report, if required.

Prepaid Items

The veteran can pay that portion of taxes, assessments, and similar items for the current year chargeable to the borrower and the initial deposit for the tax and insurance account.

Hazard Insurance

The veteran can pay the required hazard insurance premium.  This includes flood insurance, if required.

Flood Zone Determina-tion

The veteran can pay the actual amount charged for a determination of whether a property is in a special flood hazard area, if made by a third party who guarantees the accuracy of the determination. 

·   The veteran can pay a charge for a life-of-the-loan flood determination service purchased at the time of loan origination. 

·   A fee may not be charged for a flood zone determination made by the lender or a VA appraiser.

Survey

The veteran can pay a charge for a  survey, if required by the lender or veteran. 

Any charge for a survey in connection with a condominium loan must have the prior approval of VA.