Prequalify for a VA Loan

PROPERTY LOCATION

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Dist. of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

LOAN PURPOSE

VA Purchase VA Refinance

ESTIMATED LOAN AMOUNT

Less than $80,000 More than $80,000

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VA Home Loans

VA FUNDING FEE
Contributing to Your Own Dream

VA Home Loans can be used by veterans and active duty military for the purchase or construction of the home they want. While VA Home loans offer a unique no-money-down benefit to eligible military homebuyers, the VA Loan Funding Fee was designed to allow veterans to contribute towards their home mortgage, thereby reducing the costs to taxpayers.

The VA loan funding fee, required by law, is currently 2.15% percent on a no down payment VA Home loan. For second-time users, the Funding Fee is 3.3% for no-downpayment home loans. The higher fee for second-time use is because second time users have had time and opportunity, through the first use of their VA Home Loan benefit, to accumulate equity or save money towards a down payment.

For first time users, no down payment loans require a 2.15 % fee; for up to 10% down payment, the funding fee is lowered to 1.5%, and with 10% downpayment, the fee is lowered further still to 1.25%. For subsequent users, no down payment requires a 3.3 % fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.

For Reserves and National Guard members, first time users with no down payment are required to pay a 2.4 % Funding Fee; to 10% down payment requires a 1.75% Funding Fee; and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.

Cash-out Refinancing Loans for regular military requires a 2.15% Funding Fee for first time users and 3.3% for subsequent users. For Reserves / National Guard members, the requirement is a 2.4% Funding Fee or first time users and 3.3% for subsequent users. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.

SOME PEOPLE ARE EVEN EXEMPT FROM PAYING THE FUNDING FEE

• Veterans receiving VA compensation for service-connected disabilities.
• Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
• Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).

The VA has the final say on who qualifies for a VA Home Loan; once you do qualify, it's worth the extra benefit available to find out if you are also exempt from the Funding Fee.