2016 VA Funding Fee Chart

By
Mortgage and Lending with The Mortgage Outlet NMLS # 36861 NMLS # 3458 & NMLS 217190

VA home loans require an upfront one-time payment called the VA funding fee. The fee is a percentage based on the loan amount and your down payment. VA loan borrowers can pay all or part of the fee in cash, or wrap it into the loan amount to reduceyour out-of-pocket expenses.  Below are charts tht show common funding fees amounts. 

 

FIRST TIME USE, PURCHASE & CONSTRUCTION

 

 

 

 

Down Payment

Veteran/Active Duty

Reservist/Nat. Guard

Eligibility

Less than 5*

2.15%

2.40%

Check Eligibility

5% to 9.99%

1.50%

1.75%

Check Eligibility

10% or more

1.25%

1.50%

Check Eligibility

 

 

 

 

* Including Cash - Out Refinances

Check your VA Home Loan Eligibility Here

Second Time Use, Purchase & Construction Loans

 

 

 

 

Down Payment

Veteran/Active Duty

Reservist/Nat. Guard

Eligibility

Less than 5*

3.30%

3.30%

Check Eligibility

5% to 9.99%

1.50%

1.75%

Check Eligibility

10% or more

1.25%

1.50%

Check Eligibility

 

 

 

 

* Including Cash - Out Refinances

Check your VA Home Loan Eligibility Here

More about VA Funding Fees

The Big benifit to a VA loan is that the Veteran's Administration will be guaranteeing the loan for the lender against any loo that migh occurr do to the borrower defaulting. Lender are therfore more willing to approve a loan with no down payment or equity in the home as long as the borower meets the guidelines. 

Some factors that affect the VA funding fee are whether the borrower is on active duty, a verteran of the regular military, Reserves or National Guard, also thhe length of service, and the time at which they served. Another factor is whether the Verteran has used loans before. Lastly some of our Veterans are even exempt from the funding fee, if they have a service-connected disability.  

 

The Mortgage Outlet is Ready to help yyou Apply for a VA Home Loan

You have earned the privilage to apply for this great program. Call us at 631 589 3600 to speak directly with Daivd or Erika Bailey, or complete our no-obligation, simple contact request form to speak with one of ur experts. 

 

>>Get an Honest VA Rate Quote

 

 

 

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