Forgotten Your Password?

Need to Register?

Question Icon

Is the VA add on fee 1.75%

by kellyb_878_426 from San Jose, California. Mar 26th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

VA is 2.15% and it's waived if you're a disabled vet.. FHA charges 1.75%, and with both programs, you can finance it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 26th 2013
1
0
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

If you are referring to the VA Funding Fee, it will vary depending on the following 3 criteria: 1) First time use versus subsequent use; 2) Veteran versus Reservist/National Guard; and 3) Down Payment. Typically speaking the standard VA Funding Fee for a Veteran who desires 100% financing for first time use is 2.15%. If you were a Reservist/National Guard who has between 5% < 10% down payment, then your VA Funding Fee would be 1.75%. Speak with a local Certified Military Housing Specialist to get further clarification relative to your personal situation. Happy Lent!

Mar 27th 2013
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

it depends on the amount of downpayment (if any - none required) and the type of VA entitlement you have. Typically it is 2.15% but if you receive VA disabliity income that is waived. Also, the fee is financed - included in your loan.

Mar 26th 2013
0
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

A Va Funding Fee starts out at 2.15% and goes up from there or there is none at all for a disabled veteran. An FHA loan has a 1.75% Up Front Mortgage Insurance Premium. Both of these are added on to a Loan and they cannot be waived unless you are a disabled Veteran on a VA loan

Mar 26th 2013
0
0
Melissa Crawford (melissac8)
#879 ranked lender in California - 2 contributions

If you are referring to the VA funding fee, for a typical 0 down transaction where you have not utilized entitle before is 2.15% which is financed. If the veteran has VA disability then the funding fee is 0. The funding fee for previous use is higher.

Mar 26th 2013
0
0
Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

No, the fee is 2.15%

Mar 26th 2013
0
0
Kiyoshi Inui (Kiyoshi)
#539 ranked lender in California - 111 contributions

Regular Military:1st time use: No down= 2.15%, 5 - 9.99% Down= 1.5%, 10%+ Down=1.25%. Already used a VA Loan in the past: No down= 3.3%, 5 - 9.99% Down= 1.5%, 10%+ Down=1.25%. Currently in a VA Loan: Interest rate reduction= 0.5%Although if your a disabled vet you may be able to have these fees waived.

Mar 26th 2013
0
0
Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

Kelly, I am located in Ft. Hood TX. Home of the largest military base in the world and the VA capital of the world. LOLHere is the information/breakdown on the fee: 1st time use: 0 down payment = 2.15% 5 - 9.99% Down payment = 1.5% 10%+ Down payment =1.25% Already used a VA Loan in the past: 0 down payment = 3.3% 5 - 9.99% Down payment = 1.5%10%+ Down payment =1.25% If you currently have a VA Loan and you want to refinance that loan, then you would have a 0.5% VA fee.Please keep in mind if you have any % of disability, some or all of the VA fee may be waived. Just because you have some disability doesn't necessarily mean the waiver is automatic.Please feel free to call or email me and I'll be more than happy to walk you through the process. Ray 254-449-7196 or rlewis@englending.com

Mar 26th 2013
0
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

No that is the FHA up front Mortgage insurance premium. VA's is usually 2.15, but no monthly mortgage insurance with VA

Mar 26th 2013
0
0
Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

2.15% is typical.

Mar 26th 2013
0
0
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions

I, from the North S F Bay Area, can still add something! If you look to do a cash out VA loan...that is the highest fee! It can be 3.0%. Otherwise, if it is a first time VA loan (never purchased VA), a little less.Good luck. I am a big believer in the VA loan as my wife and are VA loan people...though in someareas the cash/conventional loan competition can be fierce on VA purchase loans.Never give up though...there has to be a home for you just right for your VA loan!

Mar 26th 2013
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,248 contributions

The VA funding fee, which almost everyone pays by rolling it into the loan, varies by type of used (1st use, 2nd use) disabled or not, and service type (regular or national guard). None are 1.75%. FHA is 1.75%.

Mar 27th 2013
0
0
Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

2.15 is correct.

Mar 27th 2013
0
0
Subscribe to our news feed.