What are the Closing Costs on a VA Loan?

The costs incurred by borrowers and sellers in completing a loan transaction. Included are origination fees, inspections, title insurance, appraisals, attorney’s and realtor’s fees, and other costs of closing a loan.

Most of the time when doing a VA loan you will incur some level of closing costs.  A general rule of thumb is this, the higher the interest rate you are willing to take the lower the closing costs you will be charged.  If you are trying to get the absolute lowest interest rate available on the VA loan, then you will most likely be paying more in closing costs.

 

VA loans do not allow the veteran QB charged all of the standard closing costs the other non-VA loans would carry.  For example, conventional and other non-VA loans will almost always have underwriting fees and document preparation fees charged to you by the lender.  However, underwriting fees, document preparation fees and a handful of other fees cannot be paid for by the veteran.  These non-allowable VA closing costs must be paid for by the lender or mortgage company on a refinance transaction or on a purchase both the seller and or the VA lender could pay these charges for the veteran.  Please ask your VA approved loan officer to furnish you with a list of the non-allowable VA closing costs..

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