Statistics About The Average Va Loan Closing Costs

In this post, we will explore a comprehensive collection of statistics related to VA loan closing costs, shedding light on key figures like the average costs, percentages relative to home prices, origination fees, and national averages. Understanding these data points can provide valuable insights for potential VA loan borrowers and help them make informed decisions when navigating the home buying process.

Statistic 1

"The average closing costs for a VA loan is typically between $1,500 and $3,500."

Statistic 2

"With VA loans, the closing costs make up about 3% of the home cost on average."

Statistic 3

"The US nationwide average of VA Loan Closing Costs is around $5,000."

Statistic 4

"On average, for a $250,000 VA loan, closing costs may range from $5,000 to $12,500."

Statistic 5

"The average VA loan closing costs can range between 3%-5% of the purchase price."

Statistic 6

"Origination fees' in VA loans is typically 1% of the total loan amount."

Statistic 7

"Nearly 35% of VA loan borrowers don't pay any closing costs."

Statistic 8

"The national average of VA loan closing costs is about $6,000."

Statistic 9

"The VA funding fee ranges from 1.4% to 3.6% of the loan amount, this expense is part of the overall closing costs."

Statistic 10

"VA loans typically can have a lower average closing cost, around $4,000 to $5,000 in comparison to other home loans."

Statistic 11

"On average, VA borrowers pay a 1% loan origination fee."

Statistic 12

"Most VA buyers pay closing costs of less than 3% of the loan value."

Statistic 13

"On average, closing costs for VA loans are lower or equal to 3% of the purchase price."

Statistic 14

"The average closing cost for a VA loan varies between 2%-5% of the home's cost."

Statistic 15

"The average VA loan closing costs, including the VA funding fee, can range anywhere between 3%-6% of the loan amount."

In conclusion, the statistics present a comprehensive overview of the average VA loan closing costs, showcasing a range of values and percentages. The data indicate that VA loan closing costs typically fall between $1,500 and $3,500, with variations based on factors such as loan amount and home cost. While the national average of VA loan closing costs hovers around $6,000, it is important to note that almost a third of VA borrowers do not pay any closing costs. Additionally, the VA funding fee, which ranges from 1.4% to 3.6% of the loan amount, contributes to the overall closing costs. Overall, VA loans tend to have lower average closing costs compared to other types of home loans, further illustrating the nuances and variability in the realm of VA loan closing expenses.