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VA Funding Fees

 


VA Funding Fee

A funding fee of 2.0 percent of the principal loan amount must be paid to VA by all but certain exempt veterans. A down payment of 5 percent or more will reduce the fee to 1.5 percent and a 10 percent down payment will reduce it to 1.25 percent. We are now offering a second trust program specifically to reduce the funding fee required instead of the down payment required to reduce the funding fee.

A funding fee of 2.75 percent must be paid by all eligible Reserve/National Guard individuals. A down payment of 5 percent or more will reduce the fee to 2.25 percent and a 10 percent down payment will reduce it to 2.0 percent.

The funding fee for loans to refinance an existing VA home loan with a new VA home loan to lower the existing interest rate is 0.5 percent.

Veterans who are using entitlement for a second or subsequent time who do not make a down payment of at least 5 percent are charged a funding fee of 3 percent.

For all VA home loans, the funding fee may be paid in cash at closing or it may be included in the loan.

 

Other Closing Costs

Reasonable closing costs may be charged by the lender. These costs may not be included in the loan. The following items may be paid by the veteran purchaser, the seller, or shared. Closing costs may vary among lenders and also throughout the nation because of differing local laws and customs.

    • VA appraisal
    • Credit report
    • Loan origination fee (usually 1 percent of the loan is charged by most lenders. I do not charge origination fees)
    • Discount points
    • Title search and title insurance
    • Recording fees
    • State and/or local transfer taxes, if applicable
    • Survey

No commissions, brokerage fees, or "buyer broker" fees may be charged to the veteran buyer.

 

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

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