Did you know that after October 2011 the VA funding Fee has changed making it more affordable than ever to use your VA Eligibility? Check out the information below, call us if you have any further questions…
First time use will change from 2.15% to 1.4% for any loan with less than 5% down. It will drop more if the Veteran/Active Duty Member puts 5% or 10% down.
Subsequent use it will drop from 3.3% to 2.8% from 2011-2012. After 1 October 2012 it will drop again to 2.15%. After 1 October 2013 it will drop to 1.25%!! This is the structure for any loan with less than 5% down. Again, the Funding Fee will drop if they put 5% or 10% down.
Refinancing-Interest Rate Reduction Loans (IRRLS) more commonaly known as Streamlines will remain unchanged, keeping their .5% Funding Fee. As always if a Veteran is receiving 10% or more in disability they are EXEMPT from the VA Funding Fee.
If you would like more information, please contact me at 719-499-6124 and I will direct you to one of our trusted Loan Advisors that we work with daily.