At Closing: Buying Your Home

Once you are ready to close on your home loan you will have to sign your documents and bring the required money to the table. Your lender is required by law to provide you a Closing Disclosure at least three business days before closing.

Note on Closing Disclosure: More information on the closing disclosure is available here To see an explanation for each part of the Closing Disclosure, go to: https://www.consumerfinance.gov/owning-a-home/closing-disclosure/

Closings may occur at a title company, escrow office, or attorney’s office depending on your area’s laws or customary practices. You can expect to sign numerous documents including the mortgage, the note, and the deed. During closing, expect your real estate agent to be present; an escrow officer or closing agent to conduct the transaction; and the seller or a representative may or may not be at closing with you.

This can be a lengthy process but always feel free to stop to ask questions if you have any. For more information on what to expect at closing, please visit this link

Fees and charges that you can pay

You can pay a maximum of:

• reasonable and customary amounts for any or all of the “Itemized Fees and Charges” designated by VA, plus

• a one percent flat charge by the lender, plus

• reasonable discount points.

(*See Section 2 “Fees and Charges the Veteran-Borrower Can Pay” in Chapter 8 of the Lenders Handbook)

Note on down payments: Remember, the VA-guaranteed home loan features a no down payment option, unless required by your lender or if the purchase price is above the reasonable value of the property, as determined by a VA appraiser. With no down payment, you can use those savings to further grow your emergency fund or use the money on household expenses.

Once you are done with closing, the home is yours. Congratulations!