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Closing Cost

I'm a first time home buyer using VA Loan and I just want to know how much closing cost I'm supposed to pay if my loan is 480k.
  • August 17 - San Diego
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Answers (4)

Profile picture for SanDiegoRealty1
Hello,

On a VA mortgage the lenders can wrap some of your closing cost fees into your loan. I have another VA buyer that we just put into escrow at $500,000 and their closing costs are estimated at $6300.  When making an offer, you can request that the seller credit you this amount; allowing you to purchase the home with no money down or out of pocket.

The only fees to be aware of would be for an appraisal (around $450) and a home inspection if you so choose (usually $350-$450). However, we will actually refund you that amount from our commissions if you use our team.

If you have any other questions, feel free to contact me direct.
  • August 24
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There is allot more to it than that. VA loans may have a finding fee if you are not exempt then there are prepaid fees and title costs and recording etc. I could give you a good idea but I would need much more information than you are providing. Please feel free to look at my profile and reach out to me so that I can provide you with more in depth answers.
  • August 18
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There are several factors that go into what you might pay in closing costs.  First is the VA funding fee, which will vary on whether or not you are doing 100% financing or putting 5 or 10% down.  The VA funding fee can be added to your loan amount or paid in cash (you may also check with the VA to see if you are exempt from this fee all together).  As an added benefit for using VA, there are specific VA Non Allowables that you as the veteran are not allowed to pay.  Some of these include Processing, Underwriting, and Escrow fees to name a few.  VA does allow you to be charged a Lender Origination fee up to 1% of the loan amount, which may cover many of the other fees discussed.  In some cases the lender, the seller, and the realtor may offer to help cover many of these expenses to reduce your amount of closing costs.  

A VA loan also requires that enough funds are collected to establish an impound account to pay your future taxes and insurance.

Please feel free to email me directly and I will provide you with a quote to show you exactly what to expect in closing costs based on your specific scenario.  With a majority of my VA clients, I offer a significant lender credit to greatly reduce or even cover all of your closing costs.
  • August 18
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Here's a website I found for information on VA loans Closing costs:
http://www.valoans.com/va_facts_closing
  • August 17
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