Positive Change in Funding Fee on VA Loans on the Way

The funding fee on VA loans was slated to decrease Saturday, but didn't due to a key piece of legislation that's awaiting the president's signature.  

But the change in the funding fee appears to still be on the way as the legislation is expected to be signed soon.  

The current rate for first-time users putting down less that 5 percent is 2.15 percent of the loan amount. For loans that were to close on or after Saturday, the fee for first-time users putting down less that 5 percent is1.40 percent. This .75 percent savings equals $2,250 savings on a $300,000 loan.

For those who are putting down 5 percent but less than 10 percent, the funding fee will go from 1.5 percent-.75 percent. The funding Fee for Second and Subsequent Use will go down from 3.30 to 1.25 percent over the next two years till it bottoms out at 1.25 percent

See the graphs below for more details.

If you are a Veteran, Reservist, or National Guard and looking to buy a home in Prince William County or the Northern Virginia area, give us a call 703-330-4423

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