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VA Funding Fees for 2012

Posted by Mark Taylor | Posted in VA Loans | Posted on 30-01-2012

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The VA funding fee is required by law.

The VA Funding Fee is paid directly to the Department of Veteran’s Affairs and is the reason they can guarantee this no-money-down loan program. This fee is paid so that VA eligibile borrowers can enjoy loan benefits such as $0 down financing and no PMI payments.

So as a reference I created this websitefor you the VA Funding Fees for 2012

For a first-time buyer the fee, is currently 2.15% of loan amount financed.

For second time users who do not make a down payment is 3.3%

The reason for the difference is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users should have had time to accumulate equity or save money towards a down payment.

For purchases or construction loans by active military or retired is:

Zero down for a 1st time user the VA Funding Fee is: 2.15%

5% down for a 1st time user the VA Funding Fee is: 1.5%

10% down or more for a 1st time user the VA Funding Fee is: 1.25%

Zero down 2nd time or more user the VA Funding Fee is: 3.3%

5% down for a 2nd time user the VA Funding Fee is: 1.5%

10% down or more for a 2nd time user the VA Funding Fee is: 1.25%

For Reserves or National Guard

Zero down for a 1st time user the VA Funding Fee is: 2.4%

5% down for a 1st time user the VA Funding Fee is: 1.75%

10% down or more for a 1st time user the VA Funding Fee is: 1.5%

Zero down 2nd time or more user the VA Funding Fee is: 3.3%

5% down for a 2nd time user the VA Funding Fee is: 1.75%

10% down or more for a 2nd time user the VA Funding Fee is: 1.5%

Cash-out refinancing loans

Regular military require a 2.15% fee for first time users and a 3.3% VA Funding Fee for subsequent users.

Reserves or National Guard, the requirement is a 2.4% VA Funding Fee for first time users and a 3.3% fee for subsequent users.

If there are down payments involved, refer to the information above. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.

Good news there are exceptions

  • 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).

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