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Reduced VA Funding Fees Now in Jeopardy? UNBELIEVABLE!

By Louise Thaxton NMLS 69996

Mortgage and Lending with Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender NMLS 69996

October 04, 2011 08:41 AM

Unbelievable.......

Last week I wrote a post celebrating the lower VA funding fee going into effect for VA loans closed on or after October 1, 2011. Sadly, it appears that at least for now, the lower VA funding fee is in jeopardy. The following announcement, listed as "Important News" dated October 1, 2011, and posted on the the Department of Veterans Affairs website:

"LOANS CLOSED ON OR AFTER OCTOBER 1, 2011: Due to legislation affecting funding fees that has passed both houses of Congress and is awaiting the President's signature, lenders should not submit payments for loans closed on or after October 1, 2011, until further notice. This issue should be resolved within the next several days. If the President signs the legislation, it will in effect keep funding fees at their FY2011 rates through November 17, 2011. This means the changes set to take effect per Circular 26-11-12, might only be in effect for a very short time.

"For cases where lenders have closed loans with lower funding fees than provided in the new bill, the Secretary, under existing authority, will waive the difference in the fees. PLEASE monitor this page for updates. We will pass on information as soon as we get it and also release a circular if and when the bill is signed".

If and when?
If and when?
If and when?

Unbelievable......

Re-Blog

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Michele Cadogan 917-861-9166

Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY

Licensed Real Estate Associate Broker -

Unbelievable in deed- our vets should not be kept in limbo like this.

Oct 04, 2011 08:48 AM

David Shamansky

US Mortgages - David Shamansky - Highlands Ranch, CO

Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Wow if this isnt just another in a long list of screw ups and blunders this administration has placed upon themselves, I dont know what is. Very sad and if you going to jerk anyone around (and of course you do and will continue) at least leave the troops alone didnt they do enough already???

Good info keep us posted!

Oct 04, 2011 09:23 AM

Kristine Ginsberg

Elite Staging and Redesign, LLC - Short Hills, NJ

NJ Home Stager

Louis - It's amazing that the very men and women who protect our country, put their lives on the line everyday for our freedom are being treated like this. It's an embarrassment to this administration.

Oct 04, 2011 10:05 AM

Rebekah Radice

Imagine WOW! Digital Marketing Agency - Burbank, CA

Social Media Marketing, Coaching & Training

This is beyond frustrating Louise! As Kristine said above...the very fact that the men and women that serve our country are being put through this is ridiculous. I am hopeful that it's resolved quickly but until then we are still required to charge the higher fee.

Oct 04, 2011 11:05 AM

Doug Anderson

Tucker Associates Real Estate Services - Danville, CA

Bay Area Real Estate Views

Louise - This is certainly a frustrating event and in our current times those who we have elected need to think more deeply about the effects of their action/inaction have on folks.

Oct 06, 2011 09:30 AM

EC, JF, Double R and Zoey the Cool Cat

Russel Ray Photos - San Diego, CA

I have absolutely no idea what all that means, but I hope that our veterans get taken care of.

Oct 07, 2011 01:40 PM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

This administration can't seem to get anything right. You don't just give something to the veterans, then take it away within a week from when it takes effect. Shame on them and I'm embarrassed for them.

Oct 07, 2011 07:58 PM

Susan Haughton

Long and Foster REALTORS (703) 470-4545 - Alexandria, VA

Susan & Mindy Team...Honesty. Integrity. Results.

What a cluster and so unfair to those families who planned to take advantage of the reduced fees. Leave it to the Feds to muck it up.

Oct 10, 2011 02:10 AM

Andrea Bedard

Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD

Fluent in Real Estate & German, M.A. ABR ASP CIPS

Louise, I have a couple VA clients I'm working with right now - both were looking forward to the reduced funding fee. This is just a shame - unfortunately, one of many negative headlines being made concerning benefits for active duty military and veterans.

Oct 10, 2011 03:19 AM

Louise Thaxton NMLS 69996

Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender - Leesville, LA

Military Mtg Specialist - 866-960-9115 VA FHA USDA

Andrea - perfectly ok to reblog - we need to get the word out.

Susan - you are SO right - it is UNFAIR to our military!

Doug B - this admin CAN'T get anything right - wow - unbelievable....

Eric - unfortunately - our veterans will lose money over this -

Doug A - Frustrating to say the least!

Rebekah - AMEN - RIDICULOUS!

David - YES - leave our troops alone!

Kristine - that's what kills me. We live free because of their sacrifice - and THIS is what our government does for THEM?

Michele - Limbo no longer - they will just lose money now.

Oct 10, 2011 09:53 AM

Reduced VA Funding Fees Now in Jeopardy? UNBELIEVABLE!

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Louise Thaxton NMLS 69996

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