Just a reminder
Effective October 2006, changes in VA funding fees went into effect. The new changes are impacting both active duty as well as retired service members.
First-time use remains 2.15%, but subsequent use rose from 3.30% to 3.35%. 5-10% down gets you 1.50% while a down payment of 10% or more gets you a 1.25% funding fee.
For the Reserves and the National Guard, the VA funding fee for first-time home buyers is 2.40%. Subsequent use is 3.35%; a 5-10% down payment gets you a 1.75% funding fee and 10% or more down gets you 1.50%.
Total loan amount is equal to the sales price plus an additional amount of sales price times the VA funding fee.
Example: with a sales price of $250,000, for an active duty first-time usage:
$250,000 + ($250,000 x 2.15%)
$250,000 + $5,375
Florida Real Estate with Brandon Jordan, your Northwest Florida Realtor and ActiveRain featured Realtor for Okaloosa County since 2007. We provide this information and much more on our site for you at no charge, so please remember us when you're looking to buy or sell real estate.
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