{"id":39593,"date":"2024-05-07T12:14:35","date_gmt":"2024-05-07T08:14:35","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39593"},"modified":"2024-08-18T19:19:50","modified_gmt":"2024-08-18T15:19:50","slug":"va-loan-closing-costs","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/mortgage\/va-loan-closing-costs\/","title":{"rendered":"VA Loan Closing Costs and Other Fees to Expect"},"content":{"rendered":" <p class=\"wp-block-paragraph\">VA loans are known to have lower closing costs compared to conventional mortgages. But how much should you expect to pay at the closing table? And can you roll these costs into the principal balance to keep more cash on hand? Keep reading to learn the answers to these questions and more regarding VA loan closing costs. <\/p> <h2 class=\"wp-block-heading\" id=\"h-the-importance-of-understanding-va-loan-closing-costs\">The Importance of Understanding VA Loan Closing Costs<\/h2> <p class=\"wp-block-paragraph\">It\u2019s vital to understand VA loan closing costs and how they\u2019re calculated. That way, you\u2019ll know what to expect at the closing table and can avoid any surprises. And if you plan to pay closing costs instead of rolling them into the loan, you\u2019ll know how much you need to save to seal the deal. <\/p> <h2 class=\"wp-block-heading\" id=\"h-breakdown-of-va-loan-closing-costs-and-other-fees\">Breakdown of VA Loan Closing Costs and Other Fees<\/h2> <p class=\"wp-block-paragraph\">Here\u2019s a closer look at the closing costs you\u2019ll typically pay when <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/va-loan-second-home\/\">taking out a VA loan<\/a>. <\/p> <h3 class=\"wp-block-heading\" id=\"h-loan-origination-fees\">Loan Origination Fees<\/h3> <p class=\"wp-block-paragraph\">Lenders charge this fee to cover the costs associated with processing your loan application. It\u2019s generally 1% of the loan amount, so you\u2019ll pay $3,500 if you take out a $350,000 loan. Before applying, ask your lender about this so you\u2019ll know what to expect. <\/p> <h3 class=\"wp-block-heading\" id=\"h-appraisal-fees\">Appraisal Fees<\/h3> <p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/va-loan-occupancy-requirements\/\">VA loans require<\/a> an appraisal by a licensed VA-approved appraiser to determine the market value of the home you\u2019re looking to purchase. The appraisal is essential, as it helps ensure you pay a fair price for the property. It also protects the lender from extending a loan to you for more than the home is worth. Expect to pay between $400 and $900 to cover this expense. <\/p> <h3 class=\"wp-block-heading\" id=\"h-credit-report-fees\">Credit Report Fees<\/h3> <p class=\"wp-block-paragraph\">When you apply for a mortgage, the lender will pull copies of your credit reports and mortgage scores from the three major credit bureaus\u2014Experian, TransUnion and Equifax. Your credit history and middle credit score are used to assess your creditworthiness or the likelihood of defaulting on the mortgage. This fee is usually between $30 and $50.<\/p> <h3 class=\"wp-block-heading\" id=\"h-title-insurance\">Title Insurance<\/h3> <p class=\"wp-block-paragraph\">If issues arise with the property title, this form of coverage kicks in to protect both you and the lender. This means any costs that come up related to old liens or claims against the property will be covered by the title insurance policy. It costs between 0.5% and 1% of the total loan amount. <\/p> <h3 class=\"wp-block-heading\" id=\"h-recording-fees\">Recording Fees<\/h3> <p class=\"wp-block-paragraph\">There\u2019s also a cost to record the sale of the property you purchase with the local government. The amount you\u2019ll spend varies, depending on where the property is located. It could cost as little as $25 or several hundred dollars. <\/p> <h3 class=\"wp-block-heading\" id=\"h-survey-fees\">Survey Fees<\/h3> <p class=\"wp-block-paragraph\">The lender may require a survey to confirm property lines before closing on the loan. Survey fees, which usually cost between $300 and $500, minimize disputes regarding where the property begins and ends. <\/p> <h3 class=\"wp-block-heading\" id=\"h-discount-points\">Discount Points<\/h3> <p class=\"wp-block-paragraph\">You can purchase discount points if you want to lower your mortgage payments and overall borrowing costs. One point is equivalent to 1% of the total loan amount and reduces your interest rate by 0.25%. You\u2019ll pay these costs at closing or roll them into the loan &#8211; the latter option is subject to conditions. <\/p> <h3 class=\"wp-block-heading\" id=\"h-va-funding-fee\">VA Funding Fee<\/h3> <p class=\"wp-block-paragraph\">You\u2019ll pay a one-time funding fee between 1.25% and 3.3% to the VA, depending on your down payment amount and how many times you\u2019ve taken out a VA loan. This cost is waived if you\u2019re a veteran with a service-connected disability, a surviving spouse, an active-duty service member with a Purple Heart or a veteran receiving retirement or active-duty pay. <\/p> <h2 class=\"wp-block-heading\" id=\"h-unique-aspects-of-va-loan-closing-costs\">Unique Aspects of VA Loan Closing Costs<\/h2> <p class=\"wp-block-paragraph\">The closing costs associated with VA loans differ from what you\u2019ll find with many traditional mortgage programs. <\/p> <h3 class=\"wp-block-heading\" id=\"h-the-va-funding-fee\">The VA Funding Fee<\/h3> <p class=\"wp-block-paragraph\">As previously mentioned, it\u2019s a one-time cost that VA borrowers must pay. It helps fund the VA loan program so it remains sustainable for years to come. Plus, this fee plays a role in the absence of the private mortgage insurance (PMI) <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/va-home-loan-requirements\/\">requirement for VA loans<\/a>. <\/p> <h3 class=\"wp-block-heading\" id=\"h-costs-that-can-and-cannot-be-charged-to-borrowers\">Costs That Can and Cannot Be Charged to Borrowers<\/h3> <p class=\"wp-block-paragraph\">As a VA borrower, you\u2019ll be protected from certain fees. The lender can charge you any of the fees mentioned above. However, escrow fees and attorney fees cannot be charged to you. <\/p> <h3 class=\"wp-block-heading\" id=\"h-the-seller-s-contribution-to-closing-costs\">The Seller\u2019s Contribution to Closing Costs<\/h3> <p class=\"wp-block-paragraph\">Per VA guidelines, sellers can contribute up to 4% of the loan amount in closing costs to make the deal more attractive to potential buyers. Eligible costs include the VA funding fee, prepayment of insurance or property taxes, and other gifts like maintenance costs or appliances. So, if you take out a VA loan for $400,000, the seller can contribute up to $16,000 to cover any of these costs. <\/p> <h2 class=\"wp-block-heading\" id=\"h-reducing-and-managing-va-loan-closing-costs\">Reducing and Managing VA Loan Closing Costs<\/h2> <p class=\"wp-block-paragraph\">If you\u2019re worried VA loan closing costs will deplete your reserves, consider these tips to soften the blow to your wallet. <\/p> <h3 class=\"wp-block-heading\" id=\"h-va-loan-closing-cost-limitations\">VA Loan Closing Cost Limitations<\/h3> <p class=\"wp-block-paragraph\">For starters, it\u2019s worth knowing that lenders are subject to limitations on what they can charge for closing costs on VA loans. As previously mentioned, you won\u2019t be on the hook for escrow or attorney fees. And the other caps make the closing costs more manageable. <\/p> <h3 class=\"wp-block-heading\" id=\"h-negotiation-tips\">Negotiation Tips<\/h3> <p class=\"wp-block-paragraph\">It\u2019s also worth negotiating closing costs with the lender. Ask the lender for a breakdown of closing costs and a list of services you can shop around for. You may find better deals elsewhere. <\/p> <h3 class=\"wp-block-heading\" id=\"h-exploring-lender-credits-and-seller-concessions\">Exploring Lender Credits and Seller Concessions<\/h3> <p class=\"wp-block-paragraph\">As previously stated, seller concessions are a valuable way to lower your closing costs. But the perks don\u2019t have to stop there. The lender may also be open to providing you with credits to lower your closing costs or roll them into the loan in exchange for a slightly higher interest rate. <\/p> <h2 class=\"wp-block-heading\" id=\"h-practical-steps-for-borrowers-getting-a-va-loan\">Practical Steps for Borrowers Getting a VA Loan<\/h2> <p class=\"wp-block-paragraph\">When you\u2019re ready to take the first step toward getting a VA loan, here are some practical steps to keep in mind. <\/p> <h3 class=\"wp-block-heading\" id=\"h-estimating-your-closing-costs\">Estimating Your Closing Costs<\/h3> <p class=\"wp-block-paragraph\">Start by understanding how much you can expect to pay in closing costs. In most cases, it\u2019s between 1% and 5% of the total loan amount. Ask the lender about the average closing costs borrowers pay to get a more accurate idea of how much you\u2019ll likely have to pay. <\/p> <h3 class=\"wp-block-heading\" id=\"h-strategies-for-budgeting\">Strategies for Budgeting<\/h3> <p class=\"wp-block-paragraph\">Next, calculate how much you can realistically afford to allocate towards closing costs. If you\u2019ll be making a down payment, include this figure as well. That way, you\u2019ll know how much money you\u2019ll need to free up in your spending plan to allocate toward your <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/va-loan-mobile-home\/\">home purchase goal<\/a>. <\/p> <h3 class=\"wp-block-heading\" id=\"h-preparing-financial-documentation\">Preparing Financial Documentation<\/h3> <p class=\"wp-block-paragraph\">If you take the time to gather and organize your income and financial documents, you can shave time off the lending process. You\u2019ll also need your Certificate of Eligibility (COE) to prove you\u2019re entitled to VA loan benefits. Request this in advance to avoid any hiccups or delays in the lending process. <\/p> <h2 class=\"wp-block-heading\" id=\"h-conclusion-the-benefits-of-managing-va-loan-closing-costs\">Conclusion: The Benefits of Managing VA Loan Closing Costs<\/h2> <p class=\"wp-block-paragraph\">By familiarizing yourself with common <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/use-va-loan-more-than-once\/\">VA loan<\/a> closing costs, you\u2019ll avoid any surprises when it\u2019s time to seal the deal. Plus, you\u2019ll know which tactics to use to minimize your out-of-pocket costs before reaching the closing table. Be sure to inquire about closing costs with the lender, shop around and request seller concessions. <\/p> <h2 class=\"wp-block-heading\" id=\"h-faqs-about-va-loan-closing-costs\">FAQs About VA Loan Closing Costs<\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1721204229442\"><strong class=\"schema-faq-question\">Do VA loans cover closing costs?<\/strong> <p class=\"schema-faq-answer\">No, but you can receive up to 4% in seller concessions to help minimize these costs. Lenders may also offer credits to cover a portion of these expenses for you in exchange for a higher mortgage rate.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721204237428\"><strong class=\"schema-faq-question\">What is the VA 1% rule?<\/strong> <p class=\"schema-faq-answer\">This rule caps the lender fee at 1% of the loan amount to keep lending costs manageable.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721204245528\"><strong class=\"schema-faq-question\">Can VA loan closing costs be rolled into the loan?<\/strong> <p class=\"schema-faq-answer\">The VA funding fee can be included in the loan, but third-party fees must be paid upfront.<\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>Confused about closing costs on a VA loan? Get all your questions answered with this helpful guide on VA loan closing costs.<\/p> ","protected":false},"author":7,"featured_media":39855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[217],"tags":[],"class_list":["post-39593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":{"zone_id":"322148","sponsored":false,"external_author":1943,"external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/va-loan-closing-costs.jpg","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>VA Loan Closing Costs and Other Fees to Expect | Miami Herald<\/title>\n<meta name=\"description\" content=\"Confused about closing costs on a VA loan? 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