Posts Tagged Navy
The VA Loan Funding Fee | Salt Lake City Mortgage
One of the great things about a VA loan is that there is no mortgage insurance (MI), however even the VA Loan Funding Fee can vary or even be waived depending on the amount of down payment, subsequent use or disability of the veteran.
Here is a quick guide to how much you can expect to pay as a funding fee for your VA loan:
Purchase and Construction Loans
|
Type of Veteran |
Down Payment |
Percentage for First Time Use |
Percentage for Subsequent Use |
| Regular Military | None5% or more (up to 10%)
10% or more |
2.15% 1.50% 1.25% |
3.3% * 1.50% 1.25% |
| Reserves/National Guard | None5% or more (up to 10%)
10% or more |
2.4% 1.75% 1.5% |
3.3% * 1.75% 1.5% |
Cash-Out Refinance Loans
|
Type of Veteran |
Percentage for First Time Use |
Percentage for Subsequent Use |
| Regular Military |
2.15% |
3.3% |
| Reserves/National Guard |
2.4% |
3.3% |
|
Type of Loan |
Percentage for Either Type of Veteran Whether First Time or Subsequent Use |
| Interest Rate Reduction Refinancing Loans |
.50% |
| Manufactured Home Loans (NOT permanently affixed) |
1.00% |
| Loan Assumptions |
.50% |
The following persons are exempt from paying the VA funding fee:
- Veterans who are 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.
- Veterans who are rated by VA as eligible to receive compensation as a result of pre-discharge disability examination and rating and,
- Surviving spouses of veterans who died in service or from service-connected disabilities.
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