image

Financial Resources

& Tools read more »

Find Your

Perfect Home read more »

Calculate Mortgage

Payment read more »

New VA Funding Fee Reduction Helps Our Military Buyers

 

New VA Funding Fee Reduction Helps Our Military Buyers


Veterans Benefits Administration Circular 26-11-12
Department of Veterans Affairs September 8, 2011
Washington, DC 20420
 
 
FUNDING FEE CHANGES EFFECTIVE OCTOBER 1, 2011
 
1. Purpose: This circular announces changes in funding fees for Department of Veterans Affairs (VA) loans closed on or after October 1, 2011.
 
2. Fee Changes
 
a.       For loans closed on or after October 1, 2011, the fee for subsequent use loans with less than 5 percent downpayment and subsequent use regular refinance loans will be 2.8 percent for both active duty Service members, Veterans, and persons qualifying based solely on service in the Reserves or National Guard. This change is due to passage of Public Law 112-26, Restoring GI Bill Fairness Act of 2011.
 
b.      Funding fees for loans other than subsequent use will also change for loans closed
on or after October 1, 2011. These fee changes were already set to change based on
previous legislation. The attached Exhibit A shows the upcoming changes.
c.       Funding fees for Interest Rate Reduction Refinancing Loans and Assumptions will
not change. They will remain at .50 percent.
 
3. Possibility of Future Funding Fee Changes: Should Congress pass legislation making additional changes to the funding fee structure, VA will immediately publish a notice on our website and the VA Funding Fee Payment System (FFPS), and soon afterward, issue another Circular. Lenders should closely monitor our website and VA FFPS for information on funding fee changes.
 
4. Rescission: This circular is automatically rescinded on October 1, 2012.
 
 

 
SOURCE :
By Direction of the Under Secretary for Benefits
Michael J. Frueh
Acting Director, Loan Guaranty Service
(LOCAL REPRODUCTION AUTHORIZED)
Distribution: CO: RPC 2021
SS (26A1) FLD: VBAFS, 1 each (Reproduce and distribute based on RPC 2021)

If you would like to take advantage of these changes to purchase a home, contact us at our website!


 

 

 Columbia,SC EXIT Real Estate Solutions – Jae Kim, Broker

Buying or selling a home or property should be one of the most enjoyable experiences of your life.  Most of the time, it’s the largest investment you will make.  Jae Kim of EXIT Real Estate Solutions in Columbia, SC is your Award Winning Real Estate expert in Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo, Chapin, Camden, Cayce, West Columbia, and the rest of Greater Columbia.  This is what we do every day.  We can simplify the process for you so that you can enjoy the the experience and avoid the pitfalls that often result in stressful transactions.  Call 803-348-3052 today for World-Class, Award- Winning representation.

Agreatertown Blog: New VA Funding Fee Reduction Helps Our Military Buyers
Homegain Blog: New VA Funding Fee Reduction Helps Our Military Buyers
ExitRES Blog: New VA Funding Fee Reduction Helps Our Military Buyers
Trulia Blog: New VA Funding Fee Reduction Helps Our Military Buyers
Activerain Blog: New VA Funding Fee Reduction Helps Our Military Buyers
Realtown Blog: New VA Funding Fee Reduction Helps Our Military Buyers
WordPress Blog: New VA Funding Fee Reduction Helps Our Military Buyers
Exitmidsouth Blog: New VA Funding Fee Reduction Helps Our Military Buyers
ExitCarolinas Blog: New VA Funding Fee Reduction Helps Our Military Buyers