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The Aimee Ness Realty Group Keller Williams Loan Info VA Home Loan Funding Fee Exemption

VA Home Loan Funding Fee Exemption



Getting a VA Home Loan? Did you know there is a funding fee required by law for these types of loans? Here is how to get an exemption, see if you qualify.

Here are the current funding fees, as provided by https://www.military.com:

Veterans who served on active duty:

Down Payment

None

5% or more

10% or more

Funding Fee

2.15%

1.5%

1.25%

Reservists/Guard Members

Down Payment

None

5% or more

10% or more

Funding Fee

2.4%

1.75%

1.5%

Please note these rates are only for first time home buyers who qualify for the VA loan benefit. If you are getting a subsequent or second VA loan, the rates are higher.

Those percentages can add up quite quickly! Here is a way to qualify for an exemption. Veterans are exempt from this fee if they were awarded a VA disability rating.

There is also an exemption for qualifying spouses. Surviving spouses of a veteran who died due to a VA rated disability, or died in service can qualify for an exemption.

How do you know if you qualify for the exemption? Contact the VA or check your Certificate of Eligibility to see what exemptions for which you qualify.

If you think you have paid the funding fee when you may have qualified for an exception contact the VA and your lender. There are steps to take to look into the matter and fix the error. You may be entitled to a refund.

For more information and additional resources check out the link to military.com.

Remember, Aimee Ness Realtor with the Aimee Ness Realty Group Keller Williams in Lafayette is a certified Military Relocation Professional and can guide you through your home buying or selling process.


For current market information for your Lafayette and West Lafayette communities or a free consult, contact The Aimee Ness Realty Group Keller Williams Lafayette Indiana. Our team with over 10 years of local experience, has your back to find your dream home, or sell your current home.  

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