· VA Funding Fees by Borrower Type. A down payment of more than 10 percent reduces the VA funding fee to 1.25 percent. Reservists and National Guard members pay funding fees of 2.4 percent for no down payment; 1.75 percent for down payments between 5 and 10 percent; and 1.5 percent for down payments of 10 percent or higher.
The VA Funding Fee is a relatively small one-time cost on VA home loans that sustains the VA lending program and ensures future veterans can participate.
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The 2.15% you’re referring to is the VA funding fee which is paid upfront instead of having to pay mortgage insurance. That’s how much you would have to pay if you put nothing down. I’m sure where the $36,000 comes from or what you would be referring to.
A VA funding fee is a charge to help the VA loan program self sustainable. Because VA loans do not require a down payment or mortgage insurance like other types of mortgages they need money to operate. The funding fee puts money into the program to keep it running. The VA funding fee is 2.15% when your use a zero down payment and is usually rolled into the loan.
· The 2.15% you’re referring to is the VA funding fee which is paid upfront instead of having to pay mortgage insurance. That’s how much you would have to pay if you put nothing down. I’m sure where the $36,000 comes from or what you would be referring to.
VA home loans require an upfront, one-time payment called the VA funding fee. The fee is determined by the loan amount, your service history, and other factors.
VA Funding FeeUnless exempt from the fee (10 percent minimum disability from the VA), each veteran is required to pay a funding fee to the VA. This fee ranges from 1.5 to 3.3 percent of the loan, and may be rolled into the balance of the loan, or paid in cash upfront.
While that gets you off the hook for paying out a sizable lump sum upfront, it also means that your monthly. Twitter: @halmbundrick. The article VA Loan Funding Fee: What You’ll Pay and Why in 2017.
The VA Funding Fee is an upfront, one-time fee paid to the Department of Veterans Affairs for a VA home loan. While the VA doesn’t make home loans, it does insure them. private lenders issue VA loans, not the government.
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