VA funding fee trouble

By
Services for Real Estate Pros with Scanlon Signing Services

Some last minute confusion regarding legislative changes to VA loan fees has some lenders and prospective homeowners scrambling for clarity with home closings on the line. But the Department of Veterans Affairs sought to calm fears by pledging to cover additional costs while waiting for President Obama to act on a bill that would keep VA funding fees in place thru mid-November.

The fees are mandatory charges applied to every VA purchase and re-finance loan. They help keep the program running and help ensure service members can continue to purchase a home with no money down or private mortgage insurance. The bill now is awaiting the presidents signature and would stave off the rate drop until Nov. 17.

Government officials expect the VA funding fee issue to be resolved within days. I will keep you updated on this issue.

Sincerely,

Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Comments (3)

Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Lisa,

Thanks for the update.

Programs are changing daily and it is nice to know the nuances of the new VA funding fee

Phil

Oct 12, 2011 10:47 PM
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Lisa, thanks for sharing.... Hopefully this will be worked out soon. Have a good day.

Oct 12, 2011 11:07 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We will stay tuned....good information to share with buyers.

Oct 12, 2011 11:21 PM