Why Do I Need To Pay A VA Funding Fee?

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Mortgage and Lending with Chris Brown | Certified Mortgage Planners NMLS 303797

The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program.

This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances.

On a $150,000 loan that’s an additional $1,875 to almost $5,000 in cost just for the benefit of using the VA home loan.

The good news is that the VA allows borrowers to finance this cost into the home loan without having to include it as part of the closing costs.

For buyers using their VA loan guarantee for the first time on a zero down loan, the Funding Fee would be 2.15%.

For example, on a $150,000 loan amount, the VA Funding Fee could total $3,225, which would increase the monthly mortgage payment by $18 if it were financed into the new loan.

So basically, the incremental increase to.....

 

Read the COMPLETE BLOG POST HERE:

Why Do I Need To Pay A VA Funding Fee?

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Rainer
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Kaera Mims
Liz Moore & Associates - Fort Monroe, VA
Associate Broker, e-PRO, REALTOR; Hampton, Newport News, York Co.

Thanks for making it simple - I don't know about your area, but we love to work with buyers looking to use a VA loan :-)!

Jul 13, 2011 04:46 PM #1
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Rainmaker
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Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner

Chris Brown 407.367.2974
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