Are VA Funding Fees Refundable?

Reblogger Roy Kelley
Real Estate Agent with Realty Group Referrals 16766

There are a couple of situations that warrant the refund of the VA Funding Fee.

Original content by Debbie Reynolds TN Broker: 208698

Certain Circumstances Warrant the Refund of the VA Funding Fee

 

Buying a VA houseThere are a couple of situations that warrant the refund of the VA Funding Fee.

  • The Funding Fee collected was miscalculated or overpaid
  • There was a pending disability compensation claim when the loan was closed and the fee was collected as if the borrower was not exempt
     

VA loans have advantages for some borrowers that are eligible and qualify because they do not require a downpayment. But there are some conditions that apply. See if you qualify for a VA loan here.

 

The VA Funding Fee can range from .5% of the loan amount on a refinance to 3.3 % for subsequent borrowers. This can amount to a lot of money charged to the Veteran that uses his VA loan. The fee is collected at closing and remitted to the Department of Veterans Affairs within 15 days of closing.

If the fee was paid in cash at closing then the Veteran will receive the refund in cash. If it was added to the loan balance then a credit to the loan balance will be made.

Veterans are encouraged to contact their lender or the VA Regional Loan Center to request a refund if it is determined they were entitled to disability compensation retroactively to a date prior to loan closing.

 

Some Veterans or surviving spouses are exempt from paying the Funding Fee at the closing if they meet one of the following conditions:

  • Veteran receives compensation for a service-connected disability
  • Veteran would be entitle to compensation for a service-connected disability if they didn't receive retirement pay
  • Veteran is rated as eligible to receive compensation as a result of a pre-discharge medical examination and rating or based on a pre-discharge review of existing medical records or treatment records that resulted in a memorandum rating
  • Veterans on active duty that are deemed entitled though not yet receiving compensation
  • Surviving spouses of Veterans who died from service related injuries or disabilities

You can see all the regulations in this VA Loan Information Sheet

 

Are VA Funding Fees Refundable? Yes, in certain situations they are.

 

For more information about using a VA loan or to find out if you are exempt from the Funding Fee contact Clarksville TN Real Estate Agent, Debbie Reynolds at 931-320-6730.

 

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

        "The Real Debbie Reynolds"

Check out all Clarksville TN Real Estate on My Website

                   
                                  
931-920-6730 or 931-320-6730 

Clarksville TN Homes

Berkshire Hathaway HomeServices-PenFed Realty

2503 Wilma Rudolph Blvd., Clarksville, TN 37040 

 

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Rainmaker
4,797,261
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great re-blog, Roy.  Valuable information for veterans taking advantage of their VA loans.

Apr 19, 2016 08:50 PM #1
Rainmaker
5,375,100
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Please be sure to leave comments at the origina blog by Debbie Reynolds

Apr 19, 2016 08:58 PM #2
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good post to reblog. I hope veterans wil read it and learn from it.

Apr 19, 2016 09:03 PM #3
Ambassador
3,982,999
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Thank you Roy for the reblog. I hope it will help any Veterans out there that are due a refund of the funding fee.

Apr 19, 2016 11:31 PM #4
Rainmaker
2,255,686
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Congratulations on going over the million point milestone!!!!!!!!!

Apr 20, 2016 04:20 AM #5
Rainmaker
5,375,100
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Monday morning to all. I hope you enjoyed the weekend.

Have an outstanding week!

Apr 24, 2016 07:59 PM #6
Rainmaker
5,375,100
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I make it a habit to revisit some of my old blogs and reblogs on a regular basis.  Sometimes I find good material for new posts.

Apr 13, 2019 09:41 AM #8
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Rainmaker
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Roy Kelley

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