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🏠 Understanding VA Loan Closing Costs: What You Need to Know 💰📈

🔹 *What Are Closing Costs?*
Fees and expenses to finalize your mortgage.
Cover items like underwriting, processing fees, homeowners insurance, and property taxes.

🔹 *Who Pays for Closing Costs?*
Generally, the homebuyer.
You can negotiate with the seller to cover some costs.
VA sets limits on what borrowers can pay; some costs veterans can’t pay.

🔹 *Seller Concessions vs. Closing Costs:*
No cap on seller contributions toward closing costs.
Seller concessions cap at 4% of the loan amount.

🔹 *Examples of Seller Concessions:*
Payment of VA Funding Fee (even partially).
Prepaying property taxes and insurance.
Gifts like a TV or microwave.
Paying extra points for a permanent interest rate buydown.
Providing escrowed funds for temporary interest rate buydowns.
Paying off buyer’s credit balances or judgments.

🔹 *Examples of Closing Costs:*
Appraisal Fees ($400-$1,200).
Origination Fee (capped at 1% of the loan amount).
Well, Septic, and Termite Inspection Fees.
Title Insurance Fees.
Credit Report.
Flood Certification.
Attorney Fees.
Recording Fees.
HOA Fees.

🔹 *Rolling Costs into Your Loan:*
Generally not allowed, except for the VA Funding Fee.

🔹 *Understanding Your Loan Estimate:*
After a full application, you’ll receive an official estimate.
Includes loan amount, interest rate, monthly payments, and a detailed breakdown of costs and fees.

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