Can Closing Costs Be Included in a VA Loan?
AuthorKelsey Heath. Date:
If you are a U.S. military service member, qualifying veteran, or qualifying surviving spouse, you can qualify for a VA loan to purchase a home. A VA loan is a type of mortgage funded by private mortgage lenders but guaranteed by the U.S. Department of Veterans Affairs (VA). It facilitates buying, building, or improving a home without the stringent requirements of conventional financing options. VA loans are attractive because they do not require a down payment and don’t charge private mortgage insurance (PMI) despite the owner having less than 20% equity. They generally have more lenient credit requirements, making it easier for eligible borrowers to qualify. Can closing costs be included in a VA loan, or does the borrower need to come up with these funds? Let’s find out. What are VA Loan Closing Costs? “Closing costs” is an all-encompassing term applied to many fees and expenses incurred when buying a home, some … Continued
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