VA IRRRL Funding Fee

By
Mortgage and Lending with Fairway Independent Mortgage Corporation NMLS #395819, FIMC #2289

VA IRRRL Funding Fee

The VA IRRRL Funding Fee is only .5%, and disabled veterans are exempt on paying the funding fee.  If you are considering refinancing your VA loan, the VA IRRRL is the way to go.

In most instances, a VA IRRRL Refinance can be done at an extremely low rate with no closing costs except the funding fee, and in many cases, the funding fee will be paid for by the lender as well!

VA IRRRL Funding FeeThe low VA IRRRL Funding Fee is a stark contrast to the relatively high VA funding fee when purchasing a home, but the great value in a VA loan remains the fact that there is no monthly mortgage insurance payment. 

The funding fee can be "financed" into your new loan.  Here is an example of how the VA IRRRL Funding Fee is calculated:

$200,000 base loan amount

$1000 VA IRRRL Funding Fee (.5% x $200,000)

$201,000 total new loan amount

We can now also help if you owe more on your home than it is worth.  We have lenders who have removed the requirement for an appraisal on a VA to VA IRRRL Refinance.  It has never been a VA requirement to have an appraisal on this type of refinance, but lenders over the past years have implemented "overlays" into their guidelines, requiring an appraisal in most cases.

Here is a summary of all VA Funding Fees for different situations, from our VA website:

Purchase Loans

Type of Veteran

Down Payment 

Percentage for First Time Use

Percentage for Subsequent Use 

Regular Military 

None

5- 9.99%

10% or more

2.15%

1.5%

1.25%

3.3%*

1.5%

1.25%

Reserves/ National Guard

None 

5- 9.99%

10% or more

2.4% 

1.75%

1.5%

3.3%* 

1.75%

1.5%

Cash Out Refinance Loans

Type of Veteran

Percentage for First Time Use 

Percentage for Subsequent Use 

Regular Military

2.15% 

3.3%* 

Reserves/ National Guard 

2.4% 

3.3%* 

* The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan

VA IRRRL Funding Fee (VA streamline refinance), Manufactured Homes, and Assumptions

Type of Loan

Percentage for Either Type of Veteran Whether First Time or Subsequent Use 

VA IRRRL Funding Fee (VA to VA refinance)

0.50% 

Manufactured Housing Loans

1.00% 

Loan Assumptions

0.50% 

We specialize in helping active duty and Veteran military with make-sense VA home loans!

VA IRRRL Funding Fee

Posted by

Team Baxter First Cal MortgageFind us on Facebook!

RJ Baxter, Colorado Mortgage Banker

303-670-0137 (direct)

Email Me    Google+

12211 West Alameda Parkway Suite 210

Lakewood, CO 80228

NMLS #395819

FIMC NMLS #2289

Equal Housing Lender

TX Recovery Fund

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