Janet Marasco, Renter in Port Saint Lucie, FL

Concerning a VA loan up to 6% of closing costs will be paid. Does that make us responsible for the remaining amount?

Asked by Janet Marasco, Port Saint Lucie, FL Sun Jul 29, 2012

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I have rarely seen a VA loan require more than 3% to 3.5% closing costs. For a $360k loan, my recent buyer had about $8500 in closing costs and prepaids.

In addition to the seller contributing towards your closing costs, if the seller is willing, you may be able to get an additional 6% paid towards any debt (car payment, credit card bill) that you have. It's all in what you negotiate and what the seller is willing to do. Depending on your local contracts and lender requirements, it may have to be pre-written in the contract.

This does not cover your VA funding fee (if you are required to pay one) but you can finance that into your loan. I am not a loan officer but have sold houses to a ton of VA buyers and, like I said before, roughly 3-3.5% should be what you need for closing costs and prepaids including appraisals, inspections, survey..everything you need.

Don't assume any numbers, make sure you ask your agent and loan officer the questions before writing the offer since you may have to have it spelled out ahead of time. Good luck
0 votes Thank Flag Link Sun Jul 29, 2012
Good Day Janet,

Hope this e-mail finds you doing well.

Usually depending on the purchase price etc, the closing cost can be 0 - 3.5% of the purchase price.
I have a VA Loan Specialist that handles only VA Loans and does an excellent job.

Currently, he is closing a VA Loan that other Mortgage Bankers were not able to facilitate.

Please feel free to give me a call and will work on getting you pre-approved and LET'S GO SHOPPING!

Looking forward to hearing from you.

Thanks a MIllion!

Best Regards,
Constance Crawford, P. A.
Florida Realtor®
The finest compliment I can receive is a referral from my Friends and Clients.
Certified Distress Property Expert ®
Short Sales & Foreclosure Resource ®
Direct: (561) 601-2622
Fax: (800) 215-8895
E-mail: Constance@AdvantaRealty.com
TO VIEW THOUSANDS OF PROPERTIES GO TO: ccrawford.advantarealty.com
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THINK FORECLOSURE IS THE ONLY OPTION? Think again: http://www.ConstanceCares.com
1 vote Thank Flag Link Sun Jul 29, 2012
The seller must agree to pay all the closing costs up to 6%. It is seldom if ever more than that. Thank, Lyn Marino 772-215-0089
0 votes Thank Flag Link Thu Aug 16, 2012
Discuss this matter with your loan officer. If you do not have one get one. If you are looking for a home, you should have a certificate of eligibility that you can show your lender for a preapproval letter and they will be happy to answer your questions, including how much home you can buy.
0 votes Thank Flag Link Sun Jul 29, 2012
ALL closing costs for a loan are the buyers responsibility. The seller is not required or obligated to contribute anything toward your closing costs. Have your agent & loan officer explain how this works in detail along with some examples.
0 votes Thank Flag Link Sun Jul 29, 2012
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