The 2018 VA funding fee tables have been released, and they provide great insight into the various costs associated with obtaining a VA loan. With the cost of housing rising, it is more important than ever for those looking to buy a home to understand the potential costs involved in obtaining a VA loan. This article will explore the 2018 VA funding fee tables, how they are calculated, and what they can tell buyers about their potential loan costs.
VA loans are one of the most popular home loan options available today, and for good reason. Not only do VA loans offer competitive interest rates and benefits, but they also make it easier for veterans to purchase a home. However, all VA loans come with a funding fee that can add up quickly. This fee compensates the Department of Veteran Affairs for the money lost on defaulted VA loans, so understanding the various fees is important for any potential homebuyer.
The 2018 VA funding fee tables represent the maximum amount a borrower can pay for a VA loan. These tables include different fee structures based on the type of loan, the size of the down payment, and whether or not the borrower has used a VA loan before. For example, if a borrower has never used a VA loan before, they would pay a higher fee than someone who has used a VA loan before. Additionally, borrowers making a down payment of 5 percent or more may pay a lower fee than those making a down payment of less than 5 percent.
The VA funding fee tables for 2018 can be a great tool for potential homebuyers to understand the potential costs of a VA loan. By taking the time to review the tables and understand the various fees, borrowers can better prepare themselves for the financial commitment of a VA loan. Additionally, it is important to remember that the fees can vary from lender to lender, so it is important to shop around and compare fees before selecting a lender.
It is also important to note that the VA funding fee is typically financed into the loan, meaning that borrowers do not have to pay the fee upfront. However, paying the fee upfront can save borrowers money in the long run, as it reduces the amount of interest paid over the life of the loan.
Overall, the 2018 VA funding fee tables provide valuable insight into the costs associated with obtaining a VA loan. By taking the time to understand the various fees, borrowers can better prepare themselves for the financial commitment of a VA loan. Additionally, by shopping around and comparing fees, borrowers have the chance to get the best deal possible.
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