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How much is the VA funding fee?
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The VA funding fee is one of the unique closing costs for every VA home loan. However, it doesn't actually go to the lender. Instead, it goes straight to the VA to help fund the program and keep it around for future generations.
How much the funding fee costs depends on a few different conditions: the loan amount, the type of VA loan you're getting, and whether or not you've used your VA home loan benefits before. In addition, for purchase loans, it also depends on how much of a down payment—if any—you decide to make. But in general, the funding fee ranges anywhere from 0.5% to 3.6% of your loan amount. However, if you meet the VA's exemption requirements, which we cover in the video, then your funding fee is 0%.
Typically, the funding fee is paid one of two ways: out of pocket at closing or by financing it into your loan balance. In a buyer's market, you may also be able to negotiate to have the seller pay for it. Out of all these options, most VA home loan borrowers choose to finance the funding fee since it reduces how much money they have to save up before getting a home.
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Give us a call today! 844-326-3305
Not ready to call? Text us! 385-257-3266
=====================
Like, subscribe, and follow us to stay connected with the latest VA home loan info.
This video is not intended for residents or homeowners in the states of WA, NY, or MA.
This video is not intended for residents or homeowners in the states of NY or MA.
====================================
The VA funding fee is one of the unique closing costs for every VA home loan. However, it doesn't actually go to the lender. Instead, it goes straight to the VA to help fund the program and keep it around for future generations.
How much the funding fee costs depends on a few different conditions: the loan amount, the type of VA loan you're getting, and whether or not you've used your VA home loan benefits before. In addition, for purchase loans, it also depends on how much of a down payment—if any—you decide to make. But in general, the funding fee ranges anywhere from 0.5% to 3.6% of your loan amount. However, if you meet the VA's exemption requirements, which we cover in the video, then your funding fee is 0%.
Typically, the funding fee is paid one of two ways: out of pocket at closing or by financing it into your loan balance. In a buyer's market, you may also be able to negotiate to have the seller pay for it. Out of all these options, most VA home loan borrowers choose to finance the funding fee since it reduces how much money they have to save up before getting a home.
=====================
Give us a call today! 844-326-3305
Not ready to call? Text us! 385-257-3266
=====================
Like, subscribe, and follow us to stay connected with the latest VA home loan info.
This video is not intended for residents or homeowners in the states of WA, NY, or MA.
This video is not intended for residents or homeowners in the states of NY or MA.
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