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VA Loan Closing Costs, Unallowable Fees and Seller Concessions

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Every mortgage comes with closing costs and related expenses. Luckily for Veteran and service member borrowers, the VA puts a limit on what buyers can pay in closing costs.
Who pays what in VA home loan closing costs and concessions is always up for negotiation and will differ from lender to lender. Real Estate Expert Samantha Reeves introduces you to the types of closing costs you can expect to pay, what the VA doesn't allow you to pay, and what is up for negotiation.
Time Stamps
0:32 - Negotiation
0:59 - Origination Charge
1:21 - Appraisal Fee
1:40 - Title Insurance
2:04 - Discount Points
2:27 - Property Taxes & Homeowners Insurance
2:44 - Daily Interest Charges
3:09 - Recording Fees
3:26 - Homeowners Association
3:33 - Ask Seller to Pay Closing Costs
4:54 - Estimation of Closing Costs
Watch the entire VA Loan Guide to Homebuying here: • Everything About VA Lo...
Learn more: www.veteransun...
Follow us for more VA homebuying tips:
Facebook: / vuhomeloans
Twitter: / veteransunited
Instagram: / veteransunited
TikTok: / veteransunited
#VALoan #ClosingCosts #Appraisal
VeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203
Veterans United Home Loans NMLS #1907 (www.nmlsconsumeraccess.org). A VA approved
lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
Licensed in all 50 states. For state licensing information, please visit www.veteransunited.com/Licenses.
Equal Opportunity Lender

Опубликовано:

27 авг 2024

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Комментарии : 57

@abcertweld 4 года назад

If a seller won't cover half, or all closing cost then they don't really want to sell a house. Walk away and you'll most likely be happier, because you'll find a better home and seller. Just one man's opinion.

@jshapiro34 3 года назад

Or you can bomb a offer because you don't want closing cost help because that seller has to pay the realtor fees also if you poach the sellers agent you can ask for dual agent at 1 to 2 % sellers will love that also.

@rachellecoleman7596 4 года назад

Some buyers don't understand that the closing cost or concessions has a limit up to 6% from the seller. I like the video.

@ytuberguy544 7 лет назад

Veterans considering using their home loan benefit are hearing early on that there are no up-front fees associated with a VA loan, or that closing costs and or up-front fees can be rolled into the loan. This at best misleading or false.

@davieboyy22 6 лет назад

Ytuber guy you’re wrong. 0% down. 👌

@mslaven84 6 лет назад

Didn't pay a dime myself

@patricklee780 5 лет назад

Actually the only thing I paid was earnest money, appraisal and pest inspection and even that is negotiable.

@abcertweld 4 года назад

Common sense dictates you'll have to pay some money. Let us all use our heads for something other than a hat rack.

@jshapiro34 3 года назад

I got money back it's very simple if your a true veteran with a 10% va rated disability ie tinnitus or knees back etc very easy claims you no longer pay funding fees. Then companies like guaranteed rate offer lender credits. Jd Terry gave me 1% then it's your best interest to shop lenders I always tell everyone usaa navy federal veterans united G rate and a local lender bare minimum 9 times out of 10 G rate will win. Every home will have a due diligence and earnest money to take home off market for inspections. I always recommend encroaching the sellers agent tell them they can represent you for 1 to 2% as it will make the seller happy because they have to pay the realtor fees on va loans.....agent should be happy because now instead of splitting a 5 or 6% he take a full transaction of 3% sellers now usually 1.5% buyers for a 4.5 cut. 9 times out of 10 they will take it. Also hunt down military reology or homes for heros or ask the agent to get qualified so you get money back.......we purchased a 366k home and made back 3k almost and all we paid was 2k for Due Diligence and earnest 525 va appraisal fee 510 home inspection 17$ power transfer 2 25$ water transfer fees at county for home and for irrigation system.... That's all credited back in closing cost or required.

@darellejones6932 7 лет назад

The product is great. I would recommend first time home buyers to get this if they are enlisted to the military active duty, active reserve, or reserve components (officer or general enlisted). The product educates the buyers in the reality of buying a home. If you can afford the time to educate yourself in buying a home, and every buyer and seller should, learn the VA home buying process. Some sellers want to get rid of a "lemon house" the VA product will not tolerate anything of the sort. First time buyers dive in with this as a deterant from getting bamboozled into a home stifled with headache after headache of issues. One thing to keep in mind-get a thorough home inspector to give you a detailed documented list of the home's ailments and upsides. Happy House Hunting/Selling!

@keithmelton3741 5 лет назад

This is a hard truth. Believe it or not, closing can be pre approved up the 4 - 5 thousand range. However closing can come, even on a low loan, well under $100,000 .up to or close to$ 10,000, closing. Now insurance can give major cuts, along side what they can push to raise the pre approved/ appraisal loan amount to help accommodate the closing costs.

@MakeWay4CJ 4 года назад

@Keith Melton - I have a pretty good understanding of the loan process and even I didn't understand anything you were saying. Is there any way that you can read what you wrote over again and clarify it?

@jshapiro34 3 года назад

@@MakeWay4CJ they must be getting murdered with funding fees ie a disabled veteran doesn't pay that and some lenders don't impose lender fees on veterans such as G Rate this is how you slip behind high closing cost.....you can use lenders like jd Terry for G rate who gives lender credits and then a homes for heros or reology rep it's a credit program from veterans teachers medical first responders sellers and buyers reap the rewards. And you will make money off buying a home or pay maybe 2k for a house

@chelseybrown7511 6 лет назад

"Gift funds"? 😂🤔 Yeah, nope, I'm not getting that. Really though, Great information thank you 😊😉

@quinton01 6 лет назад

I actually asked for $2,000 in gift funds and for the sellers to pay closing costs and got BOTH! I think they agreed because the property was part of an estate.

@alexvidu4517 4 года назад

Hello! Nice video you have there! By the way; have you used the services from " Vidadsmedia Real income "? (google the exact phrase)? My sister had some business with them and was impressed by their unbelievable treatment when they shared their expertise about generating real income !

@kickercar 3 года назад

whats crazy is veteran untied has all the information they are talking about in this video, and still haven't offered a rough estimate and I'm ready to close

@docmdb87 5 лет назад

If the seller doesn't want to do updates (such as fix chipped paint or roof) can buyer agree to do the work after closing? To meet MRPs? Or must it be done before closing?

@abcertweld 4 года назад

You would want to look into the VA renovation home loan.

@jameso.4381 3 года назад

Notice how she didn't write an amount next to "title work" - expect for Veterans united to take you to the cleaners on this one - got quoted $3,620. For "Lender's Title Insurance" on a $630,000 VA loan!

@sdss903 3 года назад

what is a normal price? my home is 530,000

@nickedwards2310 2 года назад

@@sdss903 you find an answer? lol

@sdss903 2 года назад

@@nickedwards2310 I found out that since my home is a new construction build then I will be using the title services “taylor morrison homes” uses. It came out to $1,977. Veterans United quoted me at $1,456. Total title fees through VU on estimate shows$2,413.

@nickedwards2310 2 года назад

@@sdss903 dang, and that’s on top of your VA funding fees?

@coreydean6540 6 лет назад

Damn people! The closing costs for the veteran can be negotiated into the home costs to cover you paying the closing costs for them. VA loans do not allow closing costs to be rolled into the loan directly this is why the veteran is looking at other options.

@patricklee780 5 лет назад

I bought a home with only earnest money, appraisal and pest inspection on a VA loan.

@harrisonwintergreen1147 5 лет назад

> closing costs for the veteran can be negotiated into the home costs to cover you paying the closing costs for them. great plan, until the VA appraisal caps the max loan amount below the list price. seller has to lower their price, or end the contract and start the listing/sales process buyer usually has to walk away because they have no savings (which is why they're using the 0% down VA loan)

@MakeWay4CJ 4 года назад

@@harrisonwintergreen1147 So you do realize that you're complaining about the VA making sure that the veterans don't't overpay for a house right? Because let's say that the VA did what you wanted them to do - they raised the appraisal cap to the EXACT amount that the seller wanted for the home. So the veteran gives the seller ALL of this money - way more than the house is worth and then starts to pay the mortgage.... Well, unless that veteran stayed in the home for at least 15 years, what they'd find when they went to sell the home is that they paid so much more than what the house was actually worth that they still haven't paid the loan down below it's ACTUAL value! Which means that when they try to sell the house and get the money from the buyer, they'd have to either give ALL of the money that got from the buyer to the bank to pay off the rest of the loan and STILL owe the bank more money (because you wanted the VA to allow them to pay too much for the home) OR they'd have to give the bank almost all of the money for the sale and have barely any money left over for themselves (which in both cases would defeat the purpose of selling the home). So basically what you're complaining about the VA protecting their veterans..... and that doesn't make sense.

@abcertweld 4 года назад

@@harrisonwintergreen1147 that is when you ask about the VA renovation home loan program. If you really want the house.

@johntr76 4 года назад

4% of what??? Total house price??

@waynepetersen9082 4 года назад

jktr76 I would assume

@rakst7512 4 года назад

@@waynepetersen9082 Good Assume. but it is too much. for one million home the seller concession $40000.

@waynepetersen9082 4 года назад

Raks T it’s the business man. It’s not easy selling a million dollar house

@rakst7512 4 года назад

@@waynepetersen9082 That's true. I am a realtor and a Loan Officer.

@c19comandante57 2 года назад

Veterans should give this video a thumbs down. veterans united uses the name veterans as if they care about veterans. for the second times veterans united rejected my loan application to refinance my house, why? because veterans united want me to take their recommended offer for my loan. they dont want to refinance my loan to a VA. because they wont make that CLOSING FEE. the interest will be lower.which means they wont make money.

@andrewcross8244 4 года назад

Veterans United is a total Joke! So unprofessional. Find another lender. These people are clowns

@MDMoreDamage 4 года назад

What makes you say that? I was looking around and they have the lowest proposed APR. Even beats out Navy Fed. Should I be wary?

@abcertweld 4 года назад

Funny in the process right now and I've had no issues waiting to close. Maybe you had a bad loan officer. You could have requested another if you were not happy. A closed mouth don't get fed.

@jshapiro34 3 года назад

@@MDMoreDamage I always tell everyone shop lenders bare minimum run veterans united usaa navy federal guaranteed rate and a local lender......9 times out of 10 GRate wins every time and if they don't they will tie or loose by a hair while offering a credit ie jd Terry for G rate beats everyone every time and is offering 1% credits to closing......find a realogy rewards or homes for heros agent and you will make money off buy a home

@alanunderwoodsr8622 3 года назад

I have had very good luck with Veterans United and would definitely use them again. Some buyers are never satisfied no matter what.

@sdss903 3 года назад

@@alanunderwoodsr8622 i am going with them now and have been very professional. May I ask, did you pay all closing cots? i am buying a new home and I am required to pay all closing costs.

@RK-vi7uv 7 лет назад

Yeah I'm turning down an offer of VA loan after this. I'm selling my property not trying to re buy it.

@mslaven84 6 лет назад

Patty Cake You turned it down because you can't honestly sell your property. Try as you will to sell it to a fool but the VA will not allow the buyer to be bamboozled.

@jshapiro34 3 года назад

Fun fact if usda and va isn't listed on Zillow or other home sites as accepted payments the home on average sits additional 41 days this becoming a stale listing anywhere in the country after 75 days and now you have given the buyer negotiation power to low ball you.....this how I buy homes but only with va loans I watch stale listings poach the sellers agents to dual agent at 1 or 1.5% commission making the seller happy to only pay 4 or 4.5 % instead of typically pay 6% commission fees then I low ball offer on stale listings.....I ask for realtor to be a homes for hero's or military reology rep so I get xtra money back at closing or make money off the home.

@elgoogskcus6575 7 лет назад

So you convinced me to turn down an offer from a buyer with a VA loan. Thanks for the information. VA loans are not attractive to the seller at all.

@katedesimonerealtor 6 лет назад

The solution is not to reject the offer (which penalizes the Veteran) but rather you should counter their offer to make sure you NET what are looking to get for your house. Your real estate agent probably will not charge commission on the portion that you pay on the Buyer's behalf. Non-VA buyers will often ask for credits too.

@mslaven84 6 лет назад

The seller can't screw the buyer... You are upset. This tells everything about you.

@patricklee780 5 лет назад

What you said is absolutely BS.

@tbone9585 5 лет назад

no, the real estate agent is not gonna give up their commission for buyers concessions. maybe a little but. obviously you don't understand that its more than just putting a sign in the yard and doing paperwork. its constant back and forth negotiations and advertising . the real estate agent doesn't work for free. do you work for free?

@jshapiro34 3 года назад

@@tbone9585 a agent will give up commission every single fucking time because the buyers a idiot you always always poach the sellers agent asking the sellers agent to dual agent at 1 to 2% thus the seller is now super excited because you saved them money now you make ur offer and you have just bought a house and seller now pays 4% 4.5% or 5% I always poach agents asking 1 or 1.5 they always take it because it is less work they call seller buyer lenders and attorney instead of calling your agent to call all these people thus now ur agent buyer sellers are all in a super fast information exchanging loop..... Also ask the agent to be a realogy rewards or homes for heros rep this will help veterans first responders and medical staff along with teachers buyers and sellers make money on the home.