Frequently Asked Questions About VA Loans

Closing costs on can vary just like they do on conventional loans. The closing costs will be dependent on underwriting and appraisal fees, closing agent’s fees, and any state or regulatory fees. Also, like many mortgages, Veteran loans set up an escrow account for the borrower/home owner’s property taxes and insurance. Escrow accounts require a portion of the insurance and taxes to be “pre-paid”. These pre-paid items are closing costs, but it is important to note that they are dependent on the insurance rates and property taxes for the area where the house is being purchased, and are not related to lender or title company fees.
The funding fee is required by law and is charged by the Department of Veterans Affairs, not the lender. In most cases the funding fee is added on to your loan amount and is not paid out of pocket by the Veteran borrower. The amount of the funding fee varies depending on whether the mortgage is the Veteran borrower’s first and/or if there is any down payment on the property and/or if it is a streamline refinance. As mortgage professionals who specialize in VA Loans, we can help to determine what the exact funding fee will be for you. Veterans who are rated for disability and surviving spouses are exempt from the funding fee.



VA Loan Specialist Shirley Mueller

Working as a loan originator since 2003, Shirley has helped over 2000 Veterans with VA Home Loans. She has helped Veterans in almost every situation, including deployed personnel returning home or those with PCS orders. Shirley also helps disabled Veterans who...

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