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VA funding fees sustain the program and make it available for future. Type of veteran, Down payment, First-time use, Subsequent use.
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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Funding fee chart. The VA loan funding fee for first-time use is lower than the fee for second-time or subsequent use. On new purchase loans, the borrower can get a reduced funding fee for making a down payment of five percent or more. If the funding fee is 2.15 percent, that uses up over half of the allowed amount of seller-paid closing costs.
– The VA funding fee for regular military veterans on a purchase loan is 2.15 percent for first-time use of their eligibility and 3.30 percent for each subsequent use. The funding fee for Reserves and National Guard members is 2.40 percent for first time use and 3.30 percent for each subsequent use.
The funding fee is a one-time only, payment made upfront.. as the veteran has remaining entitlement they are potentially eligible to use the loan subsequently.
VA Funding Fee Chart. The Funding Fee is calculated by looking at 5 different factors: loan amount, loan type (Purchase or Refinance), type of service, down payment (if any) and prior VA loan use. Take a look at the charts below to see how the va funding fee varies based on these factors.
Disabled veterans are exempt from paying the funding fee on a VA. Type of Veteran, Down Payment, First Use Fee, Subsequent Use Fee.
A first-time home buyer is typically working within a tight budget and needs extra assistance, hence a lower VA loan funding fee. For second-time borrowers, the higher fee is called a Subsequent Use Funding Fee that, according to the VA lender’s handbook, "indicates the veteran has used their home loan benefit before, so a higher funding fee is required."