Fees and Closing Costs for a VA Mortgage

The fees and closing costs associated with VA Mortgages are comparable to conventional loans, but they are regulated by the US Department of Veteran affairs. The VA protects Veterans from any unreasonable fees or costs by limiting allowable charges.

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Fees included in VA Closing Costs:

• Fees for appraisers and inspectors
• Recording fees and taxes
• Title examination and insurance
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Other VA Closing Information

The one fee specific for a VA Mortgage is the VA Funding Fee, which is mandated by the Department of Veteran affairs. However, the borrower is not required to pay this fee out of pocket because it can be added into the total loan amount. The VA Funding Fee was created so that veterans help to cover the costs of the VA loan benefits, keeping the cost to taxpayers low. The fee amount depends on the loan amount and type, as well as the borrower's current veteran status. It ranges between 0 and 3.3%, usually around 2%. To lower the fee, the borrower can put money down on the home purchase (5% or more). Veterans who are at least 10% disabled due to active military service are not required to pay the VA Funding Fee, as dictated by the benefits for disabled veterans. In addition, spouses of veterans who died in service or from service-related disabilities are exempt from the funding fee. Get started with your VA loan now.

To determine your funding fee, see the funding fee chart.