In many areas of life today, the only constant is change. This is especially true in the mortgage industry. Nothing like moving the goal posts during a game to keep make things exciting. Here is the latest update on VA Funding fees.
The White House announced yesterday that the President signed H.R. 2646: Veterans Health Care Facilities Capital Improvement Act of 2011, which reverts the Veterans Affairs Funding Fees back to the higher pre-October 1st percentages. The reduced VA Funding Fee schedule, in Circular 26-11-12, would apply for a very short period of time, theoretically for loans that closed during October 1 through October 4. VA is expected to provide guidance on the exact validity period for the reduced VA Funding Fee set forth in Circular 26-11-12, but it is likely that the guidance will come first via the VA Funding Fee payment process. Please note that the VA Funding Fee is scheduled to change again for certain loans on or after November 18, 2011.
Hopefully, the Funding Fee for veterans with a service related disability will remain at zero. Will advise when I know more about upcoming changes. Maybe we will get lucky and the new policy will last longer than four days.
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