VA Mortgage Closing Costs
I want to purchase a residence below an cost-effective housing program in NYC. They are asking for $ 65,000 (15% of total worth) to cover down payment and closing fees. I do not have anywhere near this considerably, but I have a great salary. I am a veteran, could the VA aid me with the initial fees plus the mortgage?
Thanks!
Answer by corduroy-fire-kills-7
Yes, VA will be your greatest bet. You will have to pay a funding fee on a VA loan, which is a certain percentage of the loan value, so it’s not as low-cost in the long run as a conventional mortgage. But, you don’t have to pay PMI on a VA loan and you can finance the whole obtain price as well as closing costs and even the funding fee.