VA loans require a funding fee which goes to support the Veteran administration and the program. The funding fees are as follow unless the veteran has a service related disability of 10% or more. Then the funding fee is waived. The funding fees can be financed into the loan or paid in full.
Purchase or new VA Loan
|First Time Use||Second or Subsequent Use (Entitlement code #5)|
|Loan Type||LTV||Veteran of Active Duty||Nat'l Guard / Reservist||Veteran of Active duty||Nat'l Guard Reservist|
|Purchase or Construction||95.01% - 100%||2.15||2.40||3.30**||3.30**|
|90.01% - 95.0%||1.50||1.75||1.50||1.75|
|90.0% and less||1.25||1.50||1.25||1.50|
|Cash Out Refinance||Max 100%*||2.15||2.40||3.30**||3.30**|
|VA FUNDING FEE TABLE|
|First Time Use||Second or Subsequent Use
(Entitlement Code #5)
|Loan Type||LTV||Veteran of Active Duty||Nat'l Guard / Reservist||Veteran of Active Duty||Nat'l Guard / Reservist|
|Rate Reduction Refinance||All Loan Amounts|
(Reasonable Discount Allowable)
The VA loan allows for cash out refinances to 100% loan to value up to county loan limits. Loans above 90% may have some additional requirements lender to lender.