Profile picture for dvbe4evr

In doing a VA loan with 0 down is there other costs to watch out for?

All my loan fees are covered by the VA but I don't want to get surprised by extra fees by a seller or even a loan co. What should I watch out for ?
  • October 18 2012 - Bullhead City
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Answers (8)

Profile picture for Academy Mortgage AZ
The first thing you should do is get pre-qualified so you know what your buying power is and your comfortable with the payment.   The second thing is to find a great Realtor.    When you start looking at properties you can ask the seller to pay your closing cost or the lender can help out.  

Lots of great options with a VA.   We love working with the current and former Military.

Good Luck!   Chad
  • October 19 2012
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Profile picture for dvbe4evr
I just checked the loan quote and the appraisal fee is included so thats one less to watch out for.
  • October 18 2012
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Profile picture for dvbe4evr
The lender has incentives of $1400 and the total out of pocket for them is $26 so I guess what I need to watch out for are the inspections, warranty and appraisal fees and have the offer written to either adding the closing costs into the loan or have seller pay 1/2 or all closing.  I'll be talking to a realtor either friday or saturday and with all thiis info I think I got a pretty good start, Thanks to All of you who answered.
  • October 18 2012
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There can be additional costs related to the loan process and you will want to confirm with your lender the fees that they will charge and make sure that your Realtor knows the amount of lender related fees they need to structure in your purchase contract when you make an offer on a home.  There are some additional charges that you should expect when purchasing home and those include a fee for a home inspector, charge for a termite inspection, home warranty, appraisal fee, and any other charges for inspections that you may have done on the home.  Good luck with you new home search!
  • October 18 2012
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If you use an experienced Buyer's agent that does VA loans and you  and he pick the right lender who gives you incentives, and you write the contract to your flavor, your actual out of pocket can be below $1000 since with VA closing costs can be rolled into the loan (no free lunch).  As an example my last 3 VA buyers have paid about $800 out of pocket on homes costing about $150,000.

Loren Hoboy
LHoboy@centralAZhomes.com
623-688-0004

  • October 18 2012
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In my experience with VA Loans, the seller pays the buyers closing costs. You can sometimes include the closing costs in the loan as long as it appraises at that increased price.

Hope that helps.
  • October 18 2012
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Profile picture for Ofe Polack
Have a word with your buyer agent and your VA lender, they should advise you what to expect.
  • October 18 2012
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Profile picture for pmzsteve
You will have to pay for your closing costs. Have your lender prepare a "Good Faith Estimate" for you and that will give you a great idea what to expect at closing. Typically you should have 2-3% of the purchase price saved up to close the deal. Unless of course you asked for closing cost credit from seller and they accepted.
  • October 18 2012
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