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VA Government Home Loans Summary

If you have questions regarding this article, please use our free question form, or call: 888-399-0520.

Benefits to Veteran:
No down payment required on loan amounts up to $240,000
No monthly private mortgage insurance
No prepayment penalties
Seller may contribute all of Veteran's closing costs and prepaid items
Veteran does not pay "junk fees" as listed by VA

VA Funding Fee:
Although there is no down payment requirement or monthly private mortgage insurance, for a VA home loan, VA charges a funding fee to the veteran depending on the amount of down payment.

For the veteran who is a first time homebuyer, with no down payment, the funding fee is 2.15%. For subsequent use, the fee is increased to 3.30%. Veterans have choices of financing the cost into the loan amount, having the seller pay it, or paying the funding fee at closing in cash. Keep in mind that once you have a VA mortgage, when refinancing later, the funding fee is only .50%.

Funding Fee Tables:

Purchase And Construction Loans
Type of Veteran Down Payment First Time use Subsequent Use
Regular Military None 5% or more (up to 10%) 10% or more
3.30% * 1.50%
Reserves/ National Guard None 5% or more (up to 10%) 10% or more
2.40% 1.75% 1.50%
3.30% *
Cash-Out Refinancing Loans
Type of Veteran
Percentage for First Time Use
Percentage for Subsequent Use
Regular Military
3.30% *
Reserves/National Guard
3.30% *
Other Types of Loans:
Type of Loan
Percentage for Either Type of Veteran Whether First Time or Subsequent Use
Streamline Refinance/IRRRL (Interest Rate Reduction Refinancing Loans)
Loan Assumptions

*The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan.

Mortgage Information Articles:

Bi-Weekly Mortgages > Is It Right For You?
About Automated Mortgage Underwriting
Conforming Conventional Loan Limits
About Title Insurance
VA Government Home Loans > An Overview
VA Government Home Loan Allowable Closing Fees
VA Government Home Loan Non-Allowable Closing Fees
Paying Discount Points Is Your Decision!
The Mortgage Loan Process With BeechTree
Is It Time To Refinance?
About Home Mortgage Refinancing
How To Avoid Paying Mortgage Insurance

Mortgage Payment Calculator
Mortgage Amortization Calculator


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Oviedo, Florida 32765

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