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Q645:  I'm am a 100% disabled veteran. I'm confused about the VA Home Loan program. I keep seeing/reading that with this program states veterans don't pay closing costs and a host of other fees when purchasing a new home. But, lenders keep telling me that it's not so. What is the truth?

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A1:  I'm in Florida. First piece of advice: use a qualified Real Estate advisor with EXPERIENCE in VA loans. Even then, do your research. In Florida, there are some fees you do not have to pay.  (GO)  1/16/21

          

A2:  The true is the initial cost can be rolled into the loan. Doing this means initially nothing comes out of your pocket. Plus you can finance 100% of the loan. Banks, and credit unions you have to put anywhere from 5% to 20% down plus closing costs which can run from $700 to as much as $11000.  I went through the VA AND GOT FINANCED. 2 years prior I filed Bankruptcy. Right now my rate is 2.625%.  (NU)  1/16/21

        

A3:   I guess it all depends on who you go through as your lender.  There has been closing costs when we bought the doublewide, and we refianced it twice.  Don't trust these internet ones because they tried to get us for $10,000.00 in closing costs! I would try a regular place to get your loan.  If they say closing cost keep on looking!  (BN)  1/16/21

           

      

    

    

   

  

  

   

  

  

        

A4:  You don't have to pay the VA funding fee if service connected and there is additional benefits for being 100% Service Connected. There is free mortgage insurance for 100% and you will need to check with your state as most states give benefits and more for 100%.  (MK)  1/16/21

       

A5:  I would check with lender like Newday USA. As they advertise no closing cost.  (GR)  1/16/21