Did you know that TJC Mortgage now has updated their funding fees for VA loans?! I am committed to bring you the most update lending laws and policies and you should know about this 100% purchase program for America’s veterans! Recently in the below memorandum, the VA has updated their costs to perform a VA loan.
FUNDING FEE UPDATE AS OF NOVEMBER 22, 2011
1. Purpose. On November 21, 2011, the President signed H.R. 674. Section 265 of the law raises funding fees to the pre-November 18, 2011 levels. The fees specified in Section 265 are valid through September 30, 2016.
2. Proper Funding Fee Charges
a. Loans closed November 18 through and including November 21, 2011: Funding fees for loans closed during this period will be the lower fees cited in the Department of Veterans Affairs (VA) Circular 26-11-12, dated September 8, 2011.
b. Loans closed November 22 through and including September 30, 2016: Funding fees for loans closed during this period will be the same as those that existed prior to October 1, 2011. See Exhibit A attached for a complete breakdown of current fees.
c. Interest Rate Reduction Refinancing Loans and Assumptions: Funding fees for these loans remains at .50 percent.
3. Rescission: This circular is rescinded on October 1, 2012.
If you should have any questions about the new VA funding fees or any other specific VA loan questions, please call as I am a specialist!