Question:
How big is the VA home loan funding fee?
Answer:The VA home loan funding fee is required by law and differs for different down payment amounts and whether the VA loan is a first or consecutive one.
| Regular Military Members | ||
|---|---|---|
| First-time | No down payment | VA funding fee of 2.15% |
| Second time | No down payment | VA funding fee of 3.30% |
| First and consecutive time | Up to 10% down payment | VA funding fee of 1.50% |
| More than 10% down payment | VA funding fee of 1.25% | |
| Reserves / National Guard | ||
| First-time | No down payment | VA funding fee of 2.40% |
| Second time | No down payment | VA funding fee of 3.30% |
| First and consecutive time | Up to 10% down payment | VA funding fee of 1.75% |
| More than 10% down payment | VA funding fee of 1.50% | |
| Cash-out refinance for regular military | ||
| First-time | VA funding fee of 2.15% | |
| Consecutive time | VA funding fee of 3.30% | |
| Cash-out refinance for reserves/national guard | ||
| First-time | VA funding fee of 2.40% | |
| Consecutive time | VA funding fee of 3.30% | |
| VA IRRL (Interest Rate Reduction Loan) | VA funding fee of 0.50% | |
| VA Manufactured Home Loans | VA funding fee of 1.00% | |
Exempt from VA funding fee:
- Veterans with VA compensation for service-connected disabilities.
- Retired veterans who would receive VA compensation for service-connected disabilities if they were not retired.
- Surviving spouses of veterans who died in service or from service-connected disabilities.
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