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
Sell your Home for a $5000 flat Fee Full service Soldier to Soldier
