VA Loan question

[brownee]

I keep getting conflicting information about this. I know that the VA funding fee can be financed into the loan, but what else? Can closing costs? 

Separate question: We're thinking that we're going to set out top end budget at 205,000. You can get a really nice house at that price point in middle TN, so we're confident that we can stay within 160,000 to 200,000. Anyhow, on that price, about how much should closing costs be?

[DallasLoanGuy]

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brownee wrote:

I keep getting conflicting information about this. I know that the VA funding fee can be financed into the loan, but what else? Can closing costs? no

Separate question: We're thinking that we're going to set out top end budget at 205,000. You can get a really nice house at that price point in middle TN, so we're confident that we can stay within 160,000 to 200,000. Anyhow, on that price, about how much should closing costs be? as much or as little as you want them to be. high rate = low fee and low rate = high fee. have your loan officer show you BOTH. and bring those deals here for review.

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[brownee]

Thanks, Tom. We had a loan person tell us that it could be and I thought that strange considering I had never heard that before.

[brownee]

Ok, I know you've answered this question..but there is a new twist.  Now he is saying this: 

We negotiate in the contract that the seller pays the closing costs and we add that on top of the loan. Say you want to offer $100,000 and closing costs are $3000, we would put in the contract that you are offering $103,000 to take care of the closing costs.

Does this seem legit?

[DallasLoanGuy]

sure.... seller can always pay fees.

i should have been more clear.

the funding fee is added on top of purchase price. that is all that can be added to the loan. but the seller can pay costs all day long.