The cost of securing a VA loan may be lower than other types of mortgage options, but there are certain fees associated with this type of loan that you should be aware of. Of these fees, the VA Funding Fee is the most significant and one of the most important to understand when considering a VA loan. In order to determine the exact amount of the VA Funding Fee, it is helpful to know the VA Funding Fee Table.
The VA Funding Fee Table is an essential tool for anyone considering a VA loan. This table outlines the various types of loans available under the VA program, along with the associated funding fee percentage. The VA Funding Fee is a one-time fee that can range from 0.5% to 3.3%, depending on the type of loan, borrower’s military status, and whether or not the borrower is making a down payment. The VA Funding Fee is used to “offset the costs associated with issuing a VA loan,” according to the Department of Veterans Affairs.
When considering a VA loan, it is important to understand the VA Funding Fee Table in order to determine the exact amount of the fee. The funding fee percentage is based on a number of factors, including the type of loan, borrower’s military status, and whether or not the borrower is making a down payment.
For regular military borrowers, the VA Funding Fee Table outlines three main types of loans: purchase loans, regular refinance loans, and cash-out refinance loans. For purchase loans, the funding fee percentage ranges from 1.25% to 3.3%, depending on the type of loan and whether the borrower puts money down. For regular refinance loans, the funding fee percentage is typically 0.5%, however, if the borrower does not put money down, the fee increases to 2.15%. Finally, for cash-out refinance loans, the funding fee is usually 2.15%.
For members of the National Guard or Reserves, the VA Funding Fee Table is slightly different. For purchase loans, the funding fee percentage is 1.25%. For regular refinance loans, the funding fee is 0.5%, while cash-out refinance loans have a fee of 3.3%.
For borrowers who receive disability compensation from the VA, the VA Funding Fee Table is even more favorable. In this case, no funding fee is charged for purchase loans, regular refinance loans, or cash-out refinance loans.
It is also important to note that the VA Funding Fee can be paid in cash or rolled into the loan. For borrowers who opt to pay the fee in cash, they will save money on interest payments over the life of the loan. However, if the fee is rolled into the loan, the borrower will end up paying more in interest over time.
By understanding the VA Funding Fee Table and the various factors that can affect the fee, prospective VA loan borrowers can make an informed decision about the loan that is right for them. With the right information and preparation, obtaining a VA loan can be a great way to secure a home loan.
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