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VA Loan Closing Costs
While a down payment is not required on VA loans you will still need funds to cover your closing cost which average 3% - 6% of the loan amount. However, with a VA home loan the seller is allowed to pay all of your closing cost up to 6% of the loan amount. So, it is possible to avoid having to come out of your pocket to pay closing cost as well.
If you have little or no funds available for closing cost, let your realtor know that you are getting a VA loan and need the seller to pay as many points as possible towards your closing cost so that he/she can negotiate the best purchase contract on your behalf. 1 point is equal to 1% of the loan amount. So if the home cost $200,000 and your closing cost are $8000, you will want the seller to pay 4 points (4% x $200,000 = $8,000). Using this same example, say you have $4000 of your own funds available for closing cost.. then you will only need the seller to pay 2 points.
Our VA home loan experts will work with you to help you obtain home ownership! Apply for a veteran home loan with Mortgages First Associates, LLC today and you can be living in your dream house in as little as 30 days.
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