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is there a closing cost for a va loan

by cbd6025 from Sumter, South Carolina. Mar 16th 2017 Reply


Michael Rappaport (mrappaport@unitedmortgage.com)
#57 ranked lender in South Carolina - 8 contributions

There are closing costs on VA loans for sure, however you are allowed to finance them into the loan amount. Some lender like myself in Charleston, SC, we give $1000 closing cost credit as our contributions to those who served.Michael Rappaport843-256-4403mrappaport@unitedmortgage.com

Mar 16th 2017
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 417 contributions

Yes, closing costs are allowed to be financed into the loan on a refinance. On a purchase transaction, closing costs cannot be included in the loan amount. Often, lenders will do a lender credit to help borrowers with some of the associated costs. This can be done by paying a higher rate and getting back what is called consumer credit and is also known as premium pricing. Also a lender can give you a credit that does not come in the form of premium pricing, which comes out of the lenders bottom line.

Mar 16th 2017
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

I know of no down payment assistance programs to go with a VA loan, however, as mentioned already, a number of lenders are willing to credit money back to you towards closing costs in exchange for a little higher rate. I do that a lot with first time buyers who have minimal funds to apply to the home purchase.

Mar 17th 2017
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 150 contributions

You can always ask for the seller to help pay for the closing costs on a 100% VA Loan. also, if you are 10% disabled or more, your upfront funding fee is going to be waived saving you around 2.5 to 3% of fees on the loan.Also, depending on what area you are looking to live in, you might want to search with the county to see if they have any down payment assistance programs. You can email me at thoward@s1lending.com and I can help you find some grant money or at least to see if it is offered in your area.

Mar 21st 2017
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