Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: Do I have to pay closing costs on a VA Loan?
Yes. A veteran has to pay closing costs on a VA loan. While an eligible veteran can do 100% financing up to a certain loan amount, the burden of closing costs does fall on them.
Now, the veteran can negotiate with a seller on a property to pay all normal and customary closing costs. The negotiation must be part of the sales contract and clearly outlined. You will want to speak with your real estate professional about this when writing the sales contract.
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