VA Home Loan Fast Facts For San Diego County, Part Two
How is the VA Funding Fee determined for a purchase loan? The VA Funding Fee is a percentage of the base loan (purchase price minus any down payment) and depends on the type of military service, down payment percentage, and whether or not VA benefits have been previously used.
There are different VA Funding Fee guidelines for regular and streamline refinances.
Is anyone exempt from paying the VA Funding Fee? Yes. Veterans receiving VA compensation for service-connected disabilities with at least a 10% rating are exempt.
Surviving Spouses of veterans who died in service or from service-connected disabilities are also exempt.
Can a veteran use their VA home loan benefits more than once? Yes! Veterans can re-use their VA home loan benefits provided that any previously used entitlement has been restored.
In some cases, not all of a veteran's entitlement is completely used on a single transaction, and the remainder of the entitlement can be used to purchase a new primary residence.
What about PMI? There is no monthly mortgage insurance, ever!
Just like in VA Home Loan Fast Facts For San Diego County, Part One, this is still just the tip of the iceberg. Part Three coming soon.
Looking to buy or refinance in California with a VA Home Loan? Contact me today by calling 760-500-1919 to discuss your options.