Q:

What are the typical closing costs of a VA loan?

A:

Quick Answer

The typical closing costs of a Veterans Affairs, or VA, loan is between two and five percent of the loan amount, states the Veterans United Network. VA borrowers can sometimes finance the closing cost amount as part of their loans, but there are some limits.

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Full Answer

Closing costs for VA loans can include an origination fee, an appraisal, a survey, a credit report, a recording fee and title insurance, mentions Military.com. There are also some closing costs that VA borrowers don't have to pay, and these include tax service, escrow, underwriting, processing and attorney costs. The seller and real estate agent may pay these latter costs for the VA buyer, and a lender can also help the VA borrower by lowering the loan's interest rate as a way to give credit.

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