Question:

What are the closing costs for VA loans for military personnel?

Answer:

The basic closing costs of a VA loan for military personnel vary depending on the VA funding fee. Veterans receiving compensation from the VA are exempt from paying a funding fee.

The down payment greatly reduces the funding fee - with no down payment, the funding fee can go over 3%; 10% down payment cuts it to 1.25%.

Refinances have 0.5% funding fee; veterans who take a VA loan for a second time and do not provide at least 5% down payment are charged 3.3% VA funding fee.

All closing costs for VA home loans for the military can be rolled into the loan, or paid in cash.

Refer to other QnA's on MortgageQnA for more details on the closing costs for VA mortgages for the military, or to the official VA website.

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Common misspellings: mortage and morgage