VA Funding Fees for 2012

By
Mortgage and Lending with and for 1st Time Buyers, Move Up Buyers & Investors 207897nmls# DOC#207897
http://actvra.in/s6p

VA Funding Fees for 2012

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The VA funding fee is required by law.

The VA Funding Fee is paid directly to the Department of Veteran's Affairs and is the reason they can guarantee this no-money-down loan program. This fee is paid so that VA eligibile borrowers can enjoy loan benefits such as $0 down financing and no PMI payments.

So as a reference i created this for you the VA Funding Fees for 2012

For a first-time buyer the fee, is currently 2.15% of loan amount financed.

For second time users who do not make a down payment is 3.3%

The reason for the difference is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users should have had time to accumulate equity or save money towards a down payment.

For purchases or construction loans by active military or retired is:

Zero down for a 1st time user the VA Funding Fee is: 2.15%

5% down for a 1st time user the VA Funding Fee is: 1.5%

10% down or more for a 1st time user the VA Funding Fee is: 1.25%

Zero down 2nd time or more user the VA Funding Fee is: 3.3%

5% down for a 2nd time user the VA Funding Fee is: 1.5%

10% down or more for a 2nd time user the VA Funding Fee is: 1.25%

For Reserves or National Guard

Zero down for a 1st time user the VA Funding Fee is: 2.4%

5% down for a 1st time user the VA Funding Fee is: 1.75%

10% down or more for a 1st time user the VA Funding Fee is: 1.5%

Zero down 2nd time or more user the VA Funding Fee is: 3.3%

5% down for a 2nd time user the VA Funding Fee is: 1.75%

10% down or more for a 2nd time user the VA Funding Fee is: 1.5%

Cash-out refinancing loans

Regular military require a 2.15% fee for first time users and a 3.3% VA Funding Fee for subsequent users.

Reserves or National Guard, the requirement is a 2.4% VA Funding Fee for first time users and a 3.3% fee for subsequent users.

If there are down payments involved, refer to the information above. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.

Good news there are exceptions

  • Veterans receiving VA compensation for service-connected disabilities.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
  • Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
branches of the military
For more information or to see why we are blessed to serve our military personnel stop by www.vaarizona.net
Thanks for reading and commenting on my blog: VA Funding Fees for 2012

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Jamey "Milly" Milheiser 01/29/2012 10:16 PM
  2. Miriam Bernstein, CRS 01/29/2012 10:22 PM
  3. April Tammarine 01/29/2012 10:27 PM
  4. Randall Thompson 02/07/2012 11:44 AM
Topic:
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Location:
Arizona
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Rainmaker
1,118,941
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is a great resource.  Now if the VA would permit the veteran to pay toward buyer agent fees like all other loan programs.  Often in many parts of the US the commission split is very low and the seller has no funds contribute to the buyer agent fee and the veteran wants the representation rather than having to work directly with the listing agent.

Jan 29, 2012 10:11 PM #1
Rainer
35,593
Jamey "Milly" Milheiser
Fairway Independent Mortgage Corp. - Appleton, WI

Great info Mark..........always good to revisit this stuff.  I will re-blog this for my circle as well.

Keep rolling-Milly

Jan 29, 2012 10:14 PM #2
Rainmaker
355,573
Miriam Bernstein, CRS
RE/MAX N.O. Properties - New Orleans, LA
New Orleans and Surrounding Suburbs Real Estate

Good information - I will also reblog as we have military buyers in this area as well.. thank you.

Jan 29, 2012 10:19 PM #3
Ambassador
1,161,826
Mark Taylor Mortgages
and for 1st Time Buyers, Move Up Buyers & Investors - Scottsdale, AZ
602-361-0707 #MarkTaylor #Awesomerates NMLS#207897

Thanks so much Milly and Miriam don't forget to hit suggest and re-blog away if you also subscribe to my blog i am posting stuff on USDA, HUD and FHA like this as well have a great evening.

 

Joan thanks interesting idea

Jan 29, 2012 10:23 PM #4
Rainmaker
733,625
Juli Vosmik
Dominion Real Estate Partners, LLC, Scottsdale, AZ - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Great information, Mark, just as your information when I emailed you about a VA client I'm working with was.  Thank you for taking the time to KNOW your business.  This information is exceptionally valuable.  I've recommended this for feature and I'm definitely bookmarking for the future.  Thank you for taking you valuable time on the weekend to provide this information for us. 

Jan 29, 2012 10:32 PM #5
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