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First or Subsequent Use: If this is an additional use rather than first time use then reset that field to reflect the higher funding fee for subsequent uses. roll funding fee Into Loan: If you do not want to finance the funding fee, then set the financing option to No.
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First or Subsequent Use: If this is an additional use rather than first time use then reset that field to reflect the higher funding fee for subsequent uses. Roll Funding Fee Into Loan: If you do not want to finance the funding fee, then set the financing option to No.
VA funding fee is a fee added to your loan that goes to the Veterans Administration. For your first time use of a VA loan, your funding fee is 2.15% of your loan amount. For each subsequent use it is 3.3%. You will be required to pay it unless you have a service related disability of 10% or greater in which case the funding fee is waived.
Current or past members of the U.S. military can finance up to 100 percent of their home purchase with a VA loan that has no mortgage insurance or prepayment penalties. These loans – backed by the U.S. Department of Veteran’s Affairs and made by local mortgage lenders throughout the country – have specific rules for closing costs that veterans should be aware of before they talk to a lender.
The amount of the funding fee is based on your service, how much you’re putting down and if you’ve ever had a VA-backed loan before. (If you have, a new loan is called “subsequent use.”) Here’s how.
Simply put, the funding fee is a cost associated with obtaining a VA loan. Because VA loans are paid for both by the government and taxpayer dollars, the funding fee helps to offset the cost of administering the loan. This helps to ensure that the loan continues to require no down payment and no monthly mortgage insurance.