Va Funding Fee

VA FUNDING FEE FOR "VA Purchase"
By law the VA Administration must charge a VA funding fee. The funding fee will vary depending on the
situation but it is currently 2.15% for a loan with no down payment for a 1st time use. This VA funding fee
was set up to have the veteran that uses this program to help pay the taxpayer's cost that is related to this
benefit Second time users that put no money down will need to pay a funding fee of 3.3%. The reason the
VA charges a higher funding fee the second time around is that the Veteran applying for the benefit has
already had the opportunity to take of this program once before and should have had the time to save for a
down payment. The VA also offers programs for new home construction loans.

Veterans will fall into the category's of a 1st or a 2nd time user.
- First time users that have no down payment the funding fee is 2.15%
If you have up to a 10% down payment then the funding fee is 1.5%
If you have more than a 10% down payment there will be a funding fee of only 1.25%.
- Second time users that have no money down the VA will require a funding fee of 3.3%
Up to a 10%% down payment the funding fee is 1.5%%
With 10% or more down payment there will be only a 1.25% funding fee charged.

If you are a member of the Reserves or National Guard
- 1st time user that have no money down the VA requires a funding fee of 2.4%
Up to 10% down payment the required funding fee is 1.75%
More than a 10% down payment the funding fee is 1.5%.
- Second time users with no down payment will have a VA funding fee of 3.3%
Up to 10% down payment the funding fee is 1.75%
More than a 10% down payment then the funding fee is only 1.5%%.

VA FUNDING FEE FOR "VA Refinance"
If you are a 1st user and you refinance and take cash out the VA requires a funding fee of 2.15% or 3.3% for
second time users.

If you 1st time user and are a member of the Reserves or National Guard the VA funding fee required is 2.4%
and second time user the funding fee is 3.3%.

If you just refinance the existing loan amount with a lower interest rate the required funding fee is only .50% but
if the property happens to be a Manufactured home then the funding fee is 1.0%.

The people are exempt from having to pay the Va funding fee:
If you are Veteran that is receiving VA compensation for service connected disabilities or you are a Veteran
that would be entitled to receive compensation related to service connected disabilities but only if you have not
received retirement pay.
If you happen to be a Surviving spouse of a veteran that died in service or out of service with a service
connected disability even if the surviving spouse happens to be a Veteran with your own entitlement's.

Only the VA can say for sure who is will be exempt.

Call Us 800-870-1041

VA Funding Fee

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