how much are closing costs for a VA mortgage?

A good rule of thumb is to allow roughly 3% of the purchase price for closing costs and prepaid expenses. However, it is usually possible to negotiate for the seller to pay those costs for you out of their sale proceeds. So, instead of paying $195,000 for the home you might pay $200,000 with the seller paying $5000 toward your costs. An experienced Realtor will be able to help you negotiate that as part of your contract. It is also possible for a lender to help with those costs but that means a slightly higher interest rate on the loan. Check out my blog: "First Steps" on this site. My guess is that you should be able to get into a home with $1200-1500 out of pocket. I can help: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com - I handle a lot of VA loans. **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

If you are purchasing a home, you can request that the Seller contribute the amount of your closing costs to you at closing. This would be negotiated through your sales contract and you can use the help of a real estate professional for this process (Buyer's Agent). You should also speak to a mortgage professional in advance to get your Pre-Approved and from there, you'll know your approximate closing costs that you will need to the Seller to provide you with a credit for at closing. Good Luck!

I recommend contacting a mortgage consultant in your State who does V A loansand get an accurate estimate on what you will have to come in with for a purchase.As Phil Dumouchel mentioned, it is possible you could only have to come up with under $2000 if the seller is willing to credit a portion towards your closing costs.. I just funded a V A purchase loan at $271,000 and though we charged only our very minimal fees , the third party fees brought the total closing costs up to about $6000 and the property tax, first year homeowner's insurance payment and impounds approached $3000. Thus, $9000 was needed but about $4700 in seller credits reduced that amount!

For most loans in most area's it's about 3%. VA charges a funding fee for eligible veterans, however it's waived if your military associated disability.. if not then, they will finance it along with the home.. typically, in this market, you can get the seller to contribute 3% towards your costs, effectively gaining you a true ZERO down loan.. this can be handled by your real estate agent during the negotiation process.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com