{"id":15383,"date":"2011-11-22T18:35:17","date_gmt":"2011-11-23T01:35:17","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=15383"},"modified":"2011-11-29T05:56:26","modified_gmt":"2011-11-29T12:56:26","slug":"lower-va-funding-fees-as-of-november-18-2011-attract-year-end-veteran-buyers","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/15383\/lower-va-funding-fees-as-of-november-18-2011-attract-year-end-veteran-buyers\/","title":{"rendered":"Lower VA funding fees, as of November 18, 2011, attract year-end veteran buyers"},"content":{"rendered":"

N.B:\u00a0 On the day before I published this, HR 674 passed, reverting the funding fee amounts to the “old” levels.\u00a0 It was updated in VA Circular 26-11-19<\/a>, published November 22, 2011.\u00a0 The “new” lower funding fee schedule was in effect for three days, from Nov 18-21.\u00a0 Sorry for the confusion.<\/strong><\/p>\n

Home buying became a bunch cheaper for eligible veterans.\u00a0 On November 18, 2011, the VA lowered the amount it charges veteran borrowers, for the VA loan guaranty.\u00a0 Rather than charge private mortgage insurance (PMI), like conventional loans do, or a combination of an upfront mortgage insurance premium (UFMIP) and a monthly insurance premium (MIP), like the FHA does, the VA relies on a one-time charge, which can be financed, called a funding fee.<\/p>\n

The VA looks at a service member’s life cycle and tailors the funding fee to meet his\/her expected abilities to finance a home.\u00a0 For example, a first-time home buyer pays a funding fee of 1.4% of the loan amount, for a zero-down loan.\u00a0 The VA expects that service member to have some equity for his\/her second home purchase so, should the veteran choose to buy “no-money-down”, on a subsequent purchase, the VA funding fee is double, or 2.8% of the loan amount.<\/p>\n

Veterans who put down 5% of the purchase price are only charged .75% of the loan amount.\u00a0 Veterans who put down 10% of the purchase price are only charged .5% of the purchase price.\u00a0 All refinance transactions, including the no-income qualification and no appraisal needed, refinance transaction, otherwise known as the VA Interest Rate Reduction Loan (IRRL), are charged .5% of the refinanced loan.<\/p>\n

A full table, of the new VA funding fee amounts<\/a>, can be found on Mortgage Rates Report.<\/p>\n","protected":false},"excerpt":{"rendered":"

N.B:\u00a0 On the day before I published this, HR 674 passed, reverting the funding fee amounts to the “old” levels.\u00a0 It was updated in VA Circular 26-11-19, published November 22, 2011.\u00a0 The “new” lower funding fee schedule was in effect for three days, from Nov 18-21.\u00a0 Sorry for the confusion. Home buying became a bunch […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-15383","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":9325,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9325\/va-jumbo-mortgages-determining-the-down-payment\/","url_meta":{"origin":15383,"position":0},"title":"VA Jumbo Mortgages: Determining The Down Payment","author":"Brian Brady","date":"July 28, 2009","format":false,"excerpt":"Sean Purcell and I are really figuring VA-guaranteed\u00a0 jumbo loans.\u00a0 We're getting a steady stream of business from high-cost California counties.\u00a0 One of the common misconceptions is that VA loans are capped at the county loan limit, like FHA and conventional mortgages.\u00a0 I'm going to walk you through the formula\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16638,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16638\/va-interest-rate-reduction-loans-irrl-and-forebearances\/","url_meta":{"origin":15383,"position":1},"title":"VA Interest Rate Reduction Loans (IRRL) and Forbearances","author":"Brian Brady","date":"August 21, 2020","format":false,"excerpt":"A VA Interest Rate Reduction Loan (IRRL) is a streamlined refinance mortgage which allows veterans to lower their interest rate and payment without an appraisal, income qualification, or assets documentation.\u00a0 It is a simple process which, over the years, has been subject to lender overlays but still offers veterans a\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2085,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2085\/increasing-loan-limits-for-va\/","url_meta":{"origin":15383,"position":2},"title":"Increasing Loan Limits for VA","author":"Sean M. Broderick, CCIM","date":"October 24, 2007","format":false,"excerpt":"First off.. Well done to Brian, Kris and Jeff (good stuff).. I can only stand so much of the 'canned' news coverage of the situation in So Cal.. I used to work 2 1\/2 yrs in San Juan Capistrano (yes, while commuting from Northern Cal) as the \"real estate guy\"\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7903,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7903\/fha-and-va-assumable-loans-offer-an-exit-strategy-for-todays-buyers\/","url_meta":{"origin":15383,"position":3},"title":"FHA and VA Assumable Loans Offer an Exit Strategy For Today’s Buyers","author":"Brian Brady","date":"April 16, 2009","format":false,"excerpt":"How can an FHA mortgage or VA home loan sell a home faster?\u00a0\u00a0 When mortgage rates are 10% and the 5% government loan is assumable. I've taken a few pokes at the contributors on Active Rain; John MacArthur isn't one of them.\u00a0 John is a Branch Manager with Long and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17943,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17943\/can-you-waive-an-appraisal-when-purchasing-with-a-va-mortgage\/","url_meta":{"origin":15383,"position":4},"title":"Can a veteran buyer waive an appraisal when purchasing with a VA mortgage?","author":"Brian Brady","date":"March 8, 2021","format":false,"excerpt":"Welcome to 2021 where offers are made above listing price and, to win the deal, the buyer waives the appraisal.\u00a0 When I was hired as a listing broker, I was able to get two of the offers to waive the appraisal by asking their respective lenders to run the desktop\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16394,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16394\/most-creative-loans-we-funded-in-2013\/","url_meta":{"origin":15383,"position":5},"title":"Most Creative Loans We Funded in 2013","author":"Brian Brady","date":"December 30, 2013","format":false,"excerpt":"1- We funded a $900,000 Orange County purchase with just 6.5% down payment and no mortgage insurance 2- We funded an Orange County condo, with a VA loan, and got both the Master Association and Condo Association VA approved in 30 days 3- We funded a $600,000 San Diego County\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/15383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=15383"}],"version-history":[{"count":4,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/15383\/revisions"}],"predecessor-version":[{"id":15399,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/15383\/revisions\/15399"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=15383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=15383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=15383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}