i'd like to know how i can calculate my va funding fee or if the lender does that for me when i get pre-qualified? first time buyer and i know very little about this process. by delphinarms7463877 from Clay, New York. Jun 26th 2014
the lender does this for you automatically, and VA allows you to finance it.. If you have never used your VA benefits before, and your purchasing, then VA charges between 2.15% to 2.4% depending on your service type (reservist or regular military), and the funding fee is waived if you are VA disabled. Here's a link to VA's funding fee chart. http://benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Your loan officer should quickly be able to answer that questions... There is a nice chart on www.JoeMetzler.com/valoans.htm
The VA Funding Fee is as follows for purchase loans being used for the 1st time: Regular Military: Zero down payment 1st time use 2.15%, with 5% to 9.99% down payment 1st time use is 1.50%, with 10% or more down payment first time use is 1.25% :/: Reserves or National Guard: zero down payment 1st time use is 2.40% , with 5% to 9.99% down payment 1st time use is 1.75%, with 10% or more down payment first time is 1.50%...............The VA funding fee is a percentage of the loan amount added back on top of your loan. You don't pay this out of pocket at closing. If you have a 10% or greater disability the funding fee is waived. I would contact a local loan officer and they will be able to assist you with the entire process and let you know what you need to provide. Best wishes, Sean
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