{"id":5646,"date":"2023-04-03T17:36:29","date_gmt":"2023-04-03T17:36:29","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=5646"},"modified":"2025-01-07T22:17:14","modified_gmt":"2025-01-07T22:17:14","slug":"va-loan-closing-costs","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-closing-costs\/","title":{"rendered":"VA Loan Closing Costs: What Are They &#038; How Much Do They Cost?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re an eligible veteran, active duty service member, or surviving spouse<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> you may qualify for a VA home loan backed by the US Department of Veterans Affairs (VA). <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/\"><span style=\"font-weight: 400;\">VA loans<\/span><\/a><span style=\"font-weight: 400;\"> offer many advantages compared to traditional loans.<\/span><span style=\"font-weight: 400;\"> No down payment or mortgage insurance is required and you can capitalize on competitive interest rates, more flexible credit requirements, and reduced closing costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some fees are unique to the VA loan, and you\u2019ll find that your VA loan closing costs differ from other mortgage program options. Understanding the closing costs for VA loans can <\/span><span style=\"font-weight: 400;\">help you budget for a home and determine how much you need to save.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While VA loan closing costs are often much lower than traditional loans, they\u2019re something you should be aware of as you begin the home buying journey. <\/span><\/p>\n<div id=\"key_takeaways\"><h3>KEY TAKEAWAYS<\/h3><ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The VA loan program limits the amount of closing costs a buyer can pay and prevents them from paying certain fees altogether.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">VA purchase loan borrowers should expect to pay about 1% to 5% of the total loan amount in closing costs.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In addition to making certain closing costs non-allowable, the VA also limits the amount a lender can charge in origination fees at 1% of the total loan amount.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">One of the most significant VA loan closing costs is the VA funding fee. This fee helps support the VA mortgage program and the amount charged varies based on how many times the buyer has used their VA benefits and their down payment amount. <\/span><\/li>\n<\/ul>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5647 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-7-1.jpg\" alt=\"A hand holding a stack of money with a small house figure on top.\" width=\"512\" height=\"341\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-7-1.jpg 512w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-7-1-300x200.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What Are VA Loan Closing Costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Closing costs are fees you pay to your lender at the time of closing. They cover everything from home appraisals to administrative tasks like searching the home\u2019s title. Generally, the closing costs you pay depend on where you live and the type of loan you choose.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the common closing costs you should budget for when taking out a VA loan include: <\/span><\/p>\n<ul>\n<li><b>Appraisal: <\/b><span style=\"font-weight: 400;\">Lenders often order an appraisal through a third-party company that will determine how much the property is worth. The appraiser must be approved by the Department Of Veteran Affairs as a certified VA appraiser.<\/span><\/li>\n<li><b>Credit reporting: <\/b><span style=\"font-weight: 400;\">Mortgage lenders often have to pay to access your credit reports, and those fees will be added to your closing costs.<br \/>\n<\/span><b><\/b><\/li>\n<li><b>Discount points: <\/b><span style=\"font-weight: 400;\">If you choose, you can pay discount points upfront to lower your interest rate. In order to lower your rate by 0.25%, you will typically have to pay an additional 1% of the loan amount upfront.<br \/>\n<\/span><b><\/b><\/li>\n<li><b>Hazard insurance: <\/b><span style=\"font-weight: 400;\">Purchasing hazard insurance will provide protection in the event that your home\u2019s structure is damaged by hazards such as fires, storms, or theft.\u00a0<\/span><\/li>\n<li><b>HOA fees<\/b><span style=\"font-weight: 400;\">: If you purchase a home in a neighborhood with a Homeowners Association, you may have to pay HOA fees upfront. <\/span><\/li>\n<li><b>Loan origination: <\/b><span style=\"font-weight: 400;\">Loan origination fees cover the processing and underwriting of the loan.\u00a0<\/span><\/li>\n<li><b>Pest inspection:<\/b><span style=\"font-weight: 400;\"> Some states require a pest inspection before you can close on a loan. These inspections are required by any VA loan applicants, regardless of the state where you live.<br \/>\n<\/span><b><\/b><\/li>\n<li><b>Property taxes: <\/b><span style=\"font-weight: 400;\">When buying a home, you may be required to prepay a certain amount of state and local property taxes at closing.<br \/>\n<\/span><b><\/b><\/li>\n<li><b>Recording fees: <\/b><span style=\"font-weight: 400;\">Local government agencies charge recording fees to cover costs associated with recording the sale of a property and transferring it from one owner to another.<br \/>\n<\/span><b><\/b><\/li>\n<li><b>Title search and insurance<\/b><span style=\"font-weight: 400;\">: A title search is an examination of public records to make sure there are no issues with the property\u2019s title, while title insurance can help protect the buyer and lender in case title issues arise in the future.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How Much Are VA Loan Closing Costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">One of the primary benefits of VA loans is that the VA limits the amount of closing costs the buyer can pay when purchasing a home. The VA accomplishes this by preventing buyers from paying certain fees and limiting other costs. We\u2019ll discuss non-allowable fees more in the next section.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, there are some closing costs involved with taking out a VA home loan. In general, borrowers should be prepared to pay around 1% to 5% of the total loan amount in closing costs. The exact cost will depend on where you\u2019re located, the lender you work with, and whether you choose to purchase discount points at closing.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How VA Loan Closing Costs Differ From Other Mortgages<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">VA loans often come with lower closing costs, but what you pay for differs slightly from traditional home loans. In addition, VA loans have restrictions on the types of fees you can be charged to support borrowers\u2019 dreams of becoming homeowners.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few differences between traditional and VA loan closing costs:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Non-allowable fees<\/span><\/h3>\n<p><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-nonallowable-fees\/\"><span style=\"font-weight: 400;\">Non-allowable fees<\/span><\/a> <span style=\"font-weight: 400;\">are fees that a lender cannot require VA loan borrowers to pay, which may include prepayment penalties and the lender\u2019s attorney fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a particular fee is considered non-allowable, another party, such as the seller, will cover the cost. However, in most cases, the lender or real estate agent will take care of the additional fees. To compare VA loan closing costs to traditional mortgages, you must understand which fees are considered allowable and non-allowable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Non-allowable fees include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/origination-fee-what-is-a-mortgage-origination-fee\/\"><span style=\"font-weight: 400;\">origination fee<\/span><\/a><span style=\"font-weight: 400;\"> exceeding 1% of the loan amount\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attorney\u2019s fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Brokerage fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Escrow fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HUD and FHA inspection fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lender-ordered inspections or appraisals\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan application fees\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Notary fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prepayment penalties<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/rate-lock-extension-fee\/\"><span style=\"font-weight: 400;\">Rate lock fees<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Realtor fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax service fees<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">VA funding fee<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">VA loans require a <\/span><span style=\"font-weight: 400;\">one-time <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-funding-fee\/\"><span style=\"font-weight: 400;\">VA funding fee<\/span><\/a><span style=\"font-weight: 400;\"> at closing. This fee goes toward administrative costs for the loan program. The funding fee is determined by <\/span><span style=\"font-weight: 400;\">your down payment amount<\/span><span style=\"font-weight: 400;\"> and<\/span><span style=\"font-weight: 400;\"> type of VA loan you take out. For example, <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/va-streamline-refinance-loan-irrrl\/\"><span style=\"font-weight: 400;\">VA streamline refinance loans<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/va-cash-out-refinance-loan\/\"><span style=\"font-weight: 400;\">VA cash-out refinance loans<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/va-purchase-loan\/\"><span style=\"font-weight: 400;\">VA purchase loans<\/span><\/a><span style=\"font-weight: 400;\"> all have different funding fee requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some VA loan borrowers may be <\/span><a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/funding-fee-and-closing-costs\/\"><span style=\"font-weight: 400;\">exempt from the VA funding fee<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">For instance, t<\/span><span style=\"font-weight: 400;\">hese fees do not apply to individuals receiving VA compensation for service-related disabilities or Dependency and Indemnity Compensation (DIC) as a surviving spouse. Members who have received a Purple Heart are also exempt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The VA funding fee is sometimes considered the VA loan private mortgage insurance, but it\u2019s crucial to differentiate between the funding fee and PMI. Unlike traditional mortgage insurance, the funding fee is a single payment given to the VA to support the program rather than to protect the lender. <\/span><span style=\"font-weight: 400;\">You will not have to pay the VA funding fee beyond closing unless you choose to refinance or use your VA benefit again at some point in the future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For <\/span><span style=\"font-weight: 400;\">2025<\/span><span style=\"font-weight: 400;\">, you can expect to pay a 2.15% funding fee on your first home purchased with a VA loan if your down payment is less than 5%. However, as we said, you can reduce your funding fee cost by increasing your down payment. For example, first-time VA borrowers who put more than 10% down are only required to pay 1.25%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This fee is considered a closing fee and is due at the time of closing. You\u2019ll give the money to your lender, who will pay the VA on your behalf.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, if the VA funding fee is too expensive for you, there are other options. For example, you could pay upfront at closing, finance as part of the loan, or ask the seller to pay it for you. Be careful when rolling your funding fee into the loan because it increases your total loan amount, so you\u2019ll pay more over the life of the loan. <\/span><\/p>\n<h3>Limited origination fee<\/h3>\n<p><span style=\"font-weight: 400;\">Mortgage origination fees are considered allowable fees, and a lender can charge them for the underwriting and processing of the loan. However, there are limits to how much a lender can charge for origination.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, lenders can\u2019t charge borrowers more than <\/span><span style=\"font-weight: 400;\">1% as an origination fee<\/span><span style=\"font-weight: 400;\"> when using a VA loan.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Specialized VA appraisal fee<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">VA appraisals can be more expensive than traditional home loan appraisals. The VA requires a specialized appraisal to determine the home\u2019s value and if it meets the VA\u2019s <\/span><a href=\"https:\/\/www.benefits.va.gov\/WARMS\/docs\/admin26\/m26-07\/Ch12_Minimum_Property_Requirement_NEW.pdf\"><span style=\"font-weight: 400;\">minimum property requirements<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The specialized VA appraisal is meant to protect veterans from purchasing unfit or overvalued properties to ensure you pay what the home is actually worth. They also use it to ensure the home is worth enough so that if you default on your loan, the VA and the lender are protected.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5648 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-9-1.jpg\" alt=\"A home under a magnifying glass.\" width=\"512\" height=\"341\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-9-1.jpg 512w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-9-1-300x200.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the main purpose of the appraisal is to ensure the home is safe and ready to be lived in. Ultimately, it must meet the VAs property guidelines to ensure it&#8217;s in good enough condition and won&#8217;t put the borrower into more debt.<\/span><\/p>\n<p><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-appraisal-vs-home-inspection\/\"><span style=\"font-weight: 400;\">VA loan appraisals<\/span><\/a><span style=\"font-weight: 400;\"> are similar to conventional home loan appraisals. They both aim to ensure the home is neither undervalued nor overvalued by comparing it with market prices. In both cases, the appraiser compares the subject to comparable properties to determine the true value of the home. They also look for serious issues with the home and recent upgrades that can increase its value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Traditional appraisals only consider the fair market value of the home. The VA appraisal is designed to ensure the property meets several VA requirements to ensure its safety. For example, they&#8217;ll look at major structural defects or issues that can prevent the home from being in move-in-ready shape.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So what are the<\/span><span style=\"font-weight: 400;\"> VA\u2019s<\/span><span style=\"font-weight: 400;\"> minimum property requirements? Ultimately, the goal is to ensure the home is livable, and the requirements include the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Space:<\/b><span style=\"font-weight: 400;\"> The VA appraisal ensures that the home has enough space for you and your family. This includes an adequate number of bedrooms, cooking and dining areas, and bathrooms. The VA doesn\u2019t require the home to be large, but it must be large enough for your family.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Access and encroachments:<\/b><span style=\"font-weight: 400;\"> Access refers to the ability to access the home from the street. It also cannot encroach on\u2014or extend beyond the property line\u2014 of the neighboring properties.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Hazards:<\/b><span style=\"font-weight: 400;\"> The VA appraisal ensures the home is free of hazards like flood zones, sinkholes, asbestos and other threats that are a threat to your health.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Utilities: <\/b><span style=\"font-weight: 400;\">The VA requires every house to have electric, gas and air conditioning systems properly installed and in good working condition.\u00a0<\/span><\/li>\n<li><b>Structure: <\/b><span style=\"font-weight: 400;\">The VA loan requires the property to have good structural integrity, with a roof, crawl spaces, basements and attics <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-termite-inspection\/\"><span style=\"font-weight: 400;\">free from pests<\/span><\/a> <span style=\"font-weight: 400;\">and mold. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The VA won&#8217;t allow you to get the loan if the home doesn&#8217;t meet the minimum property requirements. In this case, you have a few options such as asking the seller to make the necessary repairs, or canceling the sale of the home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once the appraisal is complete, you&#8217;ll know the market value of your home. Unfortunately, sometimes the appraisal value comes in much lower than the agreed-upon price. This means the VA won&#8217;t give you that amount because it exceeds market value. In these cases, the seller must lower the sales price or agree to pay the difference for you to close on the loan.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Mortgage discount points<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Mortgage<\/span> <a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-points\/\"><span style=\"font-weight: 400;\">discount points<\/span><\/a><span style=\"font-weight: 400;\"> can help you lower your interest rate before closing on the loan <\/span><span style=\"font-weight: 400;\">by allowing you to spend money upfront in exchange for a rate reduction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These points are paid at closing and will reduce your rate to save you more money on the life of the loan. Additionally, with a lower interest rate, you can expect lower monthly payments. Discount points can be used for permanent rate buydowns or temporary rate buydowns, such as a 2-1<\/span> <a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/temporary-buydown-mortgage\/\"><span style=\"font-weight: 400;\">temporary buydown mortgage<\/span><\/a><span style=\"font-weight: 400;\">. The discount points can be paid by the seller in the form of a seller credit.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Property taxes<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">We pay property taxes to fund local initiatives, schools, libraries and police and fire departments. Your property taxes depend on the location and the value of the home. Therefore, your taxes are subject to change, likely increasing every year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, home improvement projects or additions that increase the value of your home can increase your tax burden. Some states offer property tax exemptions for VA homeowners, so you should contact your local veteran office for more information.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Homeowners insurance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">All lenders and all mortgage programs require you to purchase <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/what-does-homeowners-insurance-cover\/\"><span style=\"font-weight: 400;\">homeowners insurance<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Homeowners insurance protects a lender\u2019s security by ensuring the property that serves as collateral can get repaired if something happens to it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even if, for some reason, it&#8217;s not required by a lender, VA borrowers should still have homeowners insurance in case of fire, accidents and severe weather.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, VA homeowners may need a special type of homeowners insurance. VA loans often come with a vacancy clause which could get triggered if you spend an extended period of time away from your home. For example, if you are a VA homeowner and get deployed overseas, anything that happens to your house might not be covered under your insurance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VA borrowers should discuss their status with insurance providers to ensure they get the right type of insurance to cover losses that happen while they&#8217;re away.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">No PMI<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Conventional mortgages often require private mortgage insurance (PMI) if you make a downpayment of less than 20%. The purpose of PMI is to protect the lender if you default on your loan. PMI can dramatically increase your monthly mortgage payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VA loans <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/do-va-loans-have-mortgage-insurance\/\"><span style=\"font-weight: 400;\">don\u2019t require PMI<\/span><\/a><span style=\"font-weight: 400;\">, regardless of how much you put down on the home. So you could put down 0% and not have to pay any additional private mortgage insurance. This helps you save on the total cost of your home purchase.\u00a0<\/span><\/p>\n<div class=\"cta_banner gold_cta\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/gold-background-1.png)\"><h3>Download the Griffin Gold app today!<\/h3><p>Take charge of your financial wellness and achieve your homeownership goals <br><br>\r\nUse invitation code: <b>GRIFGOLD<\/b> to register.<\/p><div class=\"stores\"><a href=\"https:\/\/apps.apple.com\/us\/app\/griffin-gold\/id6460034387\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/apple-icon.svg\" \/><\/a><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.griffinfunding.gold\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/google-store.svg\" \/><\/a><\/div><\/div>\n<h2><span style=\"font-weight: 400;\">Who Pays Closing Costs on a VA Loan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The average VA closing costs range from <\/span><span style=\"font-weight: 400;\">1% to 5%<\/span><span style=\"font-weight: 400;\"> of the total home value. However, how much you pay largely depends on your loan and location. You can also roll your funding fee into the total mortgage amount, but this means increasing your loan and paying more for the house in the long run.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The buyer, seller and lender are responsible for paying different parts of the VA loan closing costs. The buyer is responsible for most of them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we\u2019ve mentioned, there are some non-allowable fees the lender will have to incur. The seller is responsible for several closing costs, but they can\u2019t pay more than 4% of the total home loan. Their fees include real estate agent commissions, brokerage fees<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> and termite inspection fees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The buyer is responsible for the bulk of the closing costs, including the VA funding fee, origination fee, mortgage points, appraisal fee<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> and other allowable fees. However, you can negotiate with the seller to cover some of these costs.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5649 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-10-1.jpg\" alt=\"A calculator in the foreground with a house figurine in the background out of focus.\" width=\"512\" height=\"341\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-10-1.jpg 512w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-10-1-300x200.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Applying for a VA Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Now that you understand the closing costs for a VA loan, it&#8217;s time to gather all the necessary paperwork and documentation to apply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The requirements for being eligible for this type of loan are much stricter in some areas than others. To qualify for the loan, you must meet the minimum service requirement and receive a <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/certificate-of-eligibility\/\"><span style=\"font-weight: 400;\">Certificate of Eligibility<\/span><\/a><span style=\"font-weight: 400;\"> (COE) from the VA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The COE is a document that tells the lender that you qualify for a VA loan. Every service member earns <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-entitlement-explained-basic-bonus-loan-entitlements\/\"><span style=\"font-weight: 400;\">VA entitlement<\/span><\/a><span style=\"font-weight: 400;\"> as a benefit. This entitlement is a dollar amount that the VA agrees to pay a lender if you default on the loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amount of your entitlement that can be used for a loan depends on how much of it you&#8217;ve already used. Your COE lists the dollar amount currently available to you. If you haven&#8217;t already requested your COE from the VA, Griffin Funding can do it for you if we determine you&#8217;re eligible for the loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, veterans will need to submit a DD Form 214 that verifies their discharge from the military. Active duty service members will need a statement of service signed by a unit commander or personnel officer.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5650 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-11-1.jpg\" alt=\"A couple filling out documents with a lender.\" width=\"512\" height=\"341\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-11-1.jpg 512w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/03\/unnamed-11-1-300x200.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Once you&#8217;ve determined your <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/va-eligibility\/\"><span style=\"font-weight: 400;\">VA loan eligibility<\/span><\/a><span style=\"font-weight: 400;\">, you&#8217;ll need to gather a few important pieces of information to share with the lender, including the following:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Employment history<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Lenders prefer that all VA loan borrowers maintain a steady two-year job history.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this requirement is at the lender&#8217;s discretion, so if you&#8217;ve recently changed jobs but stayed within the same industry, you may still qualify for the loan.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Income<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Like other types of home loans, the lender will look at your income versus your debt. This is to measure your debt-to-income ratio and determine whether you can afford to repay the loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, lenders like to see a DTI of 43% or lower.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Credit score<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The credit score required for VA loans varies by lender, but most prefer you have a score of at least 620 to be eligible. <\/span><span style=\"font-weight: 400;\">In some cases, you can qualify for a VA loan with a credit score as low as 580.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus,<\/span><span style=\"font-weight: 400;\"> you can still get a VA loan <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/how-to-get-a-va-home-loan-with-bad-credit\/\"><span style=\"font-weight: 400;\">with bad credit<\/span><\/a><span style=\"font-weight: 400;\"> because the VA doesn\u2019t have a minimum requirement. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Property type<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You can use a VA loan to purchase primary residences, including single-family homes, <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-approved-condos\/\"><span style=\"font-weight: 400;\">condos<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-for-mobile-home\/\"><span style=\"font-weight: 400;\">manufactured homes<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not all lenders will finance loans for all property types. Therefore, ensure you choose a lender based on the types of property they&#8217;ll finance with a VA loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, you can&#8217;t use a VA loan for vacation homes or investment properties unless they are your primary residence.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Down payment<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">VA loans don\u2019t require a down payment. However, the higher your down payment, the lower your interest rate. <\/span><span style=\"font-weight: 400;\">A higher down payment can also lead to a reduced VA funding fee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, some lenders may have specific requirements for no-down-payment VA loans. For example, they can require certain credit scores if you put down less than 10<\/span><span style=\"font-weight: 400;\">%<\/span><span style=\"font-weight: 400;\"> or 20%. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Funding fee<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The VA funding fee ranges from 1.25% to 3.3% of the total loan amount for<\/span><span style=\"font-weight: 400;\"> first-time<\/span><span style=\"font-weight: 400;\"> VA loan purchases. <\/span><span style=\"font-weight: 400;\">The funding fee for a VA cash-out refinance loan ranges from 2.15% to 3.3%, while a VA streamline refinance loan (IRRRL) charges a flat 0.5% fee.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Reserves<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Reserve funds are the money you have left over after paying for the loan and associated closing costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lenders like to see that you can make payments after closing and have something left over in case of an emergency. While reserves aren&#8217;t always required, you should be able to show that you have at least two or three months&#8217; worth of mortgage payments in your bank account.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Work With an Experienced VA Lender to Minimize Closing Costs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Taking advantage of VA loan benefits can help you achieve your dream of homeownership at a lower cost. Instead of waiting until you\u2019ve saved enough for a down payment, you can purchase a home right now if <\/span><span style=\"font-weight: 400;\">you meet eligibility requirements and can afford the closing costs for a VA loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Closing costs for VA loans vary by lender and location, but we\u2019re here to make the process of becoming a homeowner easier for you. Griffin Funding is a premier provider of VA loans <\/span><span style=\"font-weight: 400;\">and we\u2019re always transparent about VA loan closing costs and our lending process. We\u2019ve helped many customers secure VA loans and achieve their dream of homeownership.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to offering expertise about the VA loan process and first-class customer service, we also provide tools like the free <\/span><a href=\"https:\/\/gold.griffinfunding.com\/pfm\/registration\/invite?key=1c204fd9-839b-4775-aed1-9844766b60a6\"><span style=\"font-weight: 400;\">Griffin Gold app<\/span><\/a><span style=\"font-weight: 400;\">. Download the app to learn more about VA loans, compare financing options, access smart calculators, and get personalized support from one of our mortgage professionals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ready to start becoming a VA borrower? <\/span><span style=\"font-weight: 400;\"><a href=\"#popmake-6804\">Reach out today<\/a> to get started!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re an eligible veteran, active duty service member, or surviving spouse, you may qualify for a VA home loan backed by the US Department of Veterans Affairs (VA). VA loans offer many advantages compared to traditional loans. No down payment or mortgage insurance is required and you can capitalize on competitive interest rates, more<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-closing-costs\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":5707,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-5646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-va-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>VA Loan Closing Costs: Fees &amp; What to Expect | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Understanding VA loan closing costs is crucial when pursuing this type of financing. 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