VA Loan Closing Costs: Everything You Need to Know

Transcript

Are you a veteran or active duty service member looking to buy a home that you might want to consider a VA loan? But what about closing costs? Many people believe the VA loan have high closing costs, but the truth is, and actually be very affordable. It depends on which lender you go through and how you structure the loan.

A VA loan, some closing costs are simply not allowed and they can’t be charged to the borrower. So what are we looking at with closing PO closing costs and what might you have to pay? This typically includes appraisal fee, the credit report fee, the VA funding fee, title fees, depending on how the contract is negotiated, and other attorney’s fees.

So appraisal fee, that has to be, that’s collected by the VA, and that’s paid at closing, the credit report fee is paid for at closing, and the VA funding fee, whether you have that or whether you’re exempt, that if you do have it, it usually goes on top of the loan, so that’s finance on top. So here’s the good news.

That VA funding fee you can roll that in. That’s the that’s the biggest fee if you do pay that you aren’t exempt for your Certificate of eligibility and disability rating so You can roll that into your loan, and then you don’t have to pay them up front So it’s important to note that some lenders May offer to pay your closing costs depending on what rate you get in a high rate environment typically it’s not there So you’d have to take a higher rate to have them pay it So if you’re a veteran active duty service member looking to buy a home with a VA loan Don’t let closing costs hold you up.

They can be affordable, manageable. We go through every scenario to fit your personal financial situation. Thanks for watching. Thanks for supporting Texas Home Loans. Give us a call anytime, 830 929 7100.