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Replies (5)
- Clay Branch, "Georgia Loans"
- Contributions:7839
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I guess if I were going to skip a paragraph, the Funding Fee paragraph would be a good one to skip, in a sales pitch blog.
I always wondered why it isn't called a Guarantee Fee. I guess that's too honest.
I always wondered why it isn't called a Guarantee Fee. I guess that's too honest.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
The VA funding fee is considered mortgage insurance. Sure, it's financed into the loan and doesn't really affect the veterans purchasing power or cash flow (much) but it is considered mortgage insurance.
- Marvin Collier, "MarvinCollierJr"
- Contributions:74
I did a VA home loan on my first purchase. In fact I did a what was then referred to as a VA NO-NO.
The funding fee is wavied for disable veterans, the amount of the waiver depends on the amount of disability. I think at a 30% VA disability will get the entire funding fee waived, I am not certain if it is compensatable disability or non-conpensatable, or if it matters, but that info can be obained from the VA. Any veteran wanting to us a VA loan may want to contact the VA and get the VA's pamplet on such loans.
The funding fee is wavied for disable veterans, the amount of the waiver depends on the amount of disability. I think at a 30% VA disability will get the entire funding fee waived, I am not certain if it is compensatable disability or non-conpensatable, or if it matters, but that info can be obained from the VA. Any veteran wanting to us a VA loan may want to contact the VA and get the VA's pamplet on such loans.
- Bob Willett, "SacRELender"
- Contributions:194
Actually any disability that a veteran is paid a disability payment for will get the funding fee waived. Disabilities usually start at 10% and go up from there. About 80% of the disabilities I've seen are at 10%.
VA Home Loan Financing
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- 5.0/5.0
- (2 reviews)
Contributions:101VA home loans are not an option for everyone, and many of those who are eligible do not even realize that they are eligible. The VA home loan program was created in 1944 as one of the benefits offered to veterans in order to help them buy a home. Since its inception, the VA home loan program has helped more than 18 million veterans and active duty service members achieve home ownership. More than 67 years later, the VA home loan program remains one of the most progressive lending programs in the market.
Probably the most attractive benefit of the VA home loan program is that there is no down payment required. 100% of the home's appraised value can be financed with a VA loan. A second benefit is that while a conventional or FHA home loan would require mortgage insurance if a 20% down payment is not made, a VA mortgage requires no mortgage insurance of any kind. And a third benefit of a VA home loan is that all closing costs are regulated by the VA to ensure that all VA-eligible borrowers are treated equally and fairly.
The requirements to obtain a VA home loan are also much more flexible than those of a conventional loan.Most approved VA lenders don't need to see perfect credit, which enables them to help many veterans who may not have otherwise been able to secure financing. VA loans also have lower income requirements than conventional loans and allow high debt-to-income ratios as well. In fact, about 80% of VA loan borrowers could not have qualified for a conventional loan. The VA home loan program is one of our nation's ways of saying "Thank You" to the millions of men and women who have served us so faithfully over so many years.
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