VA Loan Closing Costs: What You Need to Know | Raoul Rowe

with all the marketing of zero down va home loans 
people rarely highlight the actual cost of using   the va home loan so i decided today is a perfect 
day to talk about the fees so let's get to it when it comes to purchasing a home the only 
time a veteran is actually going to feel like   a veteran is at the closing table one of the 
first things that you will hear about the va   loan is the va funding fee this is a one-time 
fee that you pay well you may have to pay when   using your va loan you actually pay this fee to 
lower the cost of the loan for the u.s taxpayers   since the va loan has no down payment or 
mortgage insurance if you're using the va   loan to buy bill or refinance you'll have to 
pay this va funding fee unless you're disabled   retirement but eligible for disability or active 
duty and you can show proof that you receive the   purple heart there are a few more on the list but 
you can check the link below to get more details   now to the closing costs depending on the type 
of lender that you're using you'll find that you   have to pay something called the origination fee 
this is the fee that the lenders charge in order   to put your loan together at the time of this 
video lenders can charge a one percent flat fee   or they can break down the fees but they still 
cannot exceed one percent there is a list of   non-payables to the veteran but even when you 
add those numbers up and compared to a non-va   loan buyer you still have to pay a significant 
amount of the closing costs the va loan is   available nationwide but here in texas we 
have something called the veteran land board   granted you don't have to use the va loan to use 
this program but the closing cost fees associated   with this program will stay the same in my opinion 
if you're not 30 disabled and qualified for the   0.5 of your interest rate it's not really worth 
well i would say you need to reconsider using   this program and even if you do qualify you want 
to look at the numbers and make sure that it's   really worth it because the upfront costs a one 
percent participation fee is pretty significant   in this situation so the va home loan is a no down 
payment home loan but there are fees at closing   that you're going to have to pay when using your 
va home loan i hope this video helped and provided   some outstanding value i look forward to the next 
video thanks for watching and until next time thanks

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