Remember the VA funding fee reductions I told you about in a previous post? They were supposed to go into effect in October, but the VA moved the date to November 18th.  Well, it turns out the Congress and the VA are not on the same page.  They have since pulled the changes completely and said to all of us VA lenders and veterans, never mind, we’re just going to stick with the same funding fees we’ve had for years.  Bottom line, forget about all those changes I told you about, we’re right back where we were a month ago, as follows:

3.30%  = VA Purchase, 0% Down, Prior VA Loans

2.15%  = VA Purchase, 0% Down, First Time Use*

1.50% = VA Purchase, 5% Down Payment*

1.25% = VA Purchase, 10% Down Payment*

0.50% = VA Streamline Refinance Loan

0.00% = Purchase or Refi for Disabled Veteran

*Remember to add 0.25% to the rates above if the veteran is eligible due only to Reserves or National Guard service and not regular active duty.  Also, a VA Cashout Loan is treated the same as a purchase loan when it comes to the VA funding fee.

With all of that being said, even with the “new” old funding fee table, VA loans are still be best game in town when it comes to nothing down and no mortgage insurance.  Contact us if you have any questions at all.

Tagged as: closing costs, funding fee, news, VA