Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions.
On this week’s Joe Knows Mortgages MINUTE, we answer the question:
Can I roll my closing costs into my VA loan when purchasing a home?
If you are a veteran who is looking to purchase a home using VA benefits, the only additional cost that may be rolled into your VA loan, is a VA funding fee.
Per the VA, “no other fees and charges or discount points may be included in the loan amount for regular purchase or construction loans” and “only refinancing loans may include other allowable fees and charges and discount points in the loan amount”.
You may ask the seller to pay all normal and customary closing costs, as a negotiated part of the real estate contract, however, you may not directly roll your closing costs into the loan.
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VA Pamphlet 26-7, Revised Chapter 8: Borrower Fees and Charges and the VA Funding Fee