VA Funding Fee. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether you make a down payment. You have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at closing time.
The amount of the VA funding fee varies based on 1) the type of service member, 2) whether it is the first time or subsequent use, and 3) if it is a purchase, regular refinance, or VA Interest rate reduction refinancing loan (irrrl). Use the charts below to calculate your VA funding fee and total loan amount.
The VA funding fee doesn’t need to be ‘paid’ separately and is typically rolled into the loan. This is a big benefit to borrowers looking to take advantage of the $0 down benefit of the VA loan. Not only do borrowers not need to put anything down, but they can also finance the VA funding fee as well.
VA Funding Fee Chart – Select As Applicable. Down Payment, Refinance or. Disability Rating, Active Duty / Veteran, Reservist / National Gaurd. 1st Use, 2nd+ .
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VA loan borrowers may often avoid paying the VA funding fee upfront by having it rolled over into the financing of the loan. While this is the preferred method for many borrowers, it’s good to bear in mind the nature of debt when making these decisions.
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VA Funding Fee Calculator. When the VA Loan program was established, Congress set a requirement that Veterans using the program would pay a one-time VA Funding Fee to the Department of Veterans Affairs.
VA Funding Fee: Refinance. The percentages from the chart are multiplied by your base VA loan amount. If you are a non-reservist, have never had a VA loan, and are buying a $200,000 home with no down payment, your funding fee is $4,300 (2.15% x $200,000). $4,300 is added to your $200,000 base loan amount.
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