VA Home Loan Funding Fee change for Homebuyers

By
Real Estate Agent with Home Buyers Marketing II, Inc. Broker/Realtor DC,MD/VA

If you are a veteran, active duty, or a reservist prospective home buyer.  Listen up Dept of Veteran Affairs has announced new changes.   According to update 26-11-12  the change will affect the funding fee. 

The funding fee is the amount due up front or can be financed into the loan amount on a VA Loan.  The purpose of this fee is to act as a mortgage insurance for VA lenders  and is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit,.  The benefit of using a VA loan versus an FHA loan is there is no monthly mortgage insurance premium paid.   This can make a monthly payment on a VA loan significantly less.  Interest rates are still at record lows and sales prices are very reasonable.  If you are ready to buy or want to hear more about loan programs contact me today! 

 Fee Changes

 a. For loans closed on or after October 1, 2011, the fee for  1st time us is going down to 1.4% with 0 down  on subsequent use loans with

less than 5 percent downpayment and subsequent use regular refinance loans

will be 2.8 

percent for both active duty Service members, Veterans, and persons qualifying based

 solely on service in the Reserves or National Guard. This change is due to passage of

 Public Law 112-26, Restoring GI Bill Fairness Act of 2011.

 

Reserves and national guard will pay 1.65% with 0 down

 

 

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Deandrea "Dee Dee" Jones                                                          

Broker/ Realtor  Serving Washington DC &MD/ Northern VA 

Home Buying Marketing II, Inc.

http://DJonesRealEstate.com

djoneshomes@gmail.com

 

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