What is the VA Funding Fee?

[vc_row][vc_column width=”1/4″][vc_single_image image=”3789″ img_size=”large”][/vc_column][vc_column width=”3/4″][vc_column_text]If you are considering using a Veterans Administration (VA) Home Loan Guaranty benefit, there are a few things you need to keep in mind. There are some obvious benefits that including no down payment and no monthly mortgage insurance, but there may be a VA Funding Fee.

The Funding Fee is a percentage of the loan amount. Several factors can figure into the  including:

• The type of loan
• Your military category(National Guard and Reserve Veterans may pay a slightly higher percentage
• Are you a first-time buyer
• Are you a subsequent loan user (second-time users who don’t make a down payment)
• Are you going to make a down payment

There are exceptions to the Funding Fee:

• Veterans receiving VA compensation for service-connected disability
• Veterans who would receive disability if you did not receive retirement or active duty pay
• Surviving spouse of a Veteran who died in service or from a service-connected disability

To see how this VA Funding Fee may affect your VA Home Loan closing cost, call us to review the latest Funding Fee Chart.

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