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Do VA loans require pmi? credit 722

by candidosuarez7568437 from Carlsbad, New Mexico. Jul 29th 2014 Reply


Colby Neal (ScottsdaleInsurance)
#109 ranked lender in Arizona - 71 contributions

VA loans have a 2.15% funding fee (aka Mortgage Insurance Premium). There is no monthly mortgage insurance for VA loans.Guaranteed Low Price Direct Lender: www.vahomeloanguarantee.com

Jul 29th 2014
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Good Question! The VA does charge a 'Guarantee Fee' also know as a Funding Fee. The amount varies from 2.15% to 3.30% depending upon if you've used your VA eligibility before. (Some refinances it can be as low as .50%). If you have any service related disability then it can be waived, so 0%. I am with a VA direct lender in Albuquerque and underwrite/approve our loans here locally. If I can help you with a no cost pre-approval, etc. please contact me. Thank you for your service! Charlie Sparks, 505.350.3745, www.pcmloan.com/charliesparks, MLO# 195031

Jul 29th 2014
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Gina Bell (GinaBell)
#8 ranked lender in New Mexico - 26 contributions

Hi Candido,No, VA loans do not require PMI. VA loans have what is called a funding fee that is based on the type of service, whether or not you choose 100% financing or make a down payment, and whether or not this is your first time using the benefit or a subsequent use. There are exemptions from the funding; for example, veterans receiving VA compensation for service-related disabilities are exempt from paying the funding fee. The funding fee is typically just financed into the loan. My name is Gina Bell, I am a local mortgage broker in Albuquerque serving all of New Mexico, a Certified Residential Mortgage Specialist, and a Certified VA Specialist. I would be happy to answer any other questions you may have. Feel free to give me a call at your convenience. I can be reached at 505-323-0724 or via email at gina@accessfundinginc.com. NMLS #222731

Jul 29th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

No there is no PMI with a VA loan. However, there is a VA funding fee that is added on top of the loan amount. The amount is a percentage of the loan amount and the percentage is different depending on your particular situation. For instance 1st time use with $0 down payment for regular military is 2.15% and 2nd time + use is 3.30%. If you were to put a 5% down payment this would go down to 1.50% for 1st time and 2nd time + use. With 10% down payment it would be 1.25% for 1st time and 2nd time + use. The amounts are slightly different for national guard and reserves. If you have over a 10% disability rating the funding fee is waived. Best wishes, Sean

Jul 29th 2014
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Hi Candido!There is NO PMI required on a VA loan. There is a funding fee depending on the service. Also the fee depends on if you are a Disabled Veteran etc....If you would like more information I would be happy to help, you can call me 203-788-2619 or visit my website at www.everbank.com/pbass.Thank you for your service!

Jul 29th 2014
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi Candido:VA loans offer no monthly mortgage insurance but a one time VA funding fee. Funding fee can be waived/exempt depending some circumstance (veteran disability etc). We are a bank lending nationwide and have the cushion to assist borrowers with closing costs etc if needed. Any questions please contact us ...Let us know how we may earn your business. Service is our commitment...Mike (703) 505 533 NMLS 754875 Lending Nationwide.

Jul 29th 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

No PMI, only a funding fee which can be added to the loan or paid up front. If you are a disabled veteran, the funding fee can be waived.

Jul 30th 2014
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