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The VA funding fee is 2.3% of the amount borrowed on a VA home loan. The fee increases to 3.6% for borrowers who have already used the VA loan program in the past. However, the funding fee can be reduced by putting at least 5% down at the time of closing.
Likewise, how much is the VA funding fee 2019? For regular military borrowers with no down payment, the funding fee is 2.15%. The fee increases to 3.3% for borrowers with previous VA loans. For those with a down payment of 5% to 9%, the funding fee is 1.5%. Any loans with a down payment of 10% or higher will include a funding fee of 1.25%.
Just so, how do you get exempt from VA funding fee?
Veterans who were injured while in service are exempt from paying the VA funding fee if they receive disability compensation or have a disability rating of 10% or higher. Surviving spouses of veterans who died in the line of duty also qualify for a funding fee exemption.
Is the VA funding fee a closing cost?
For most first-time VA buyers, this fee is 2.30 percent of the loan amount, provided youre not making a down payment. The funding fee is the only closing cost VA buyers can roll into their loan balance, and thats how most borrowers approach this fee.
