VA Funding Fee Tables
Note: In 2011, funding fees were lower from October 1 through October 5, and November 18 through November 21. The enactment of Public Law 112-56, signed November 21, 2011, establishes rates at the levels below through September 30, 2016. Prior to September 30, 2016, we will publish updated information on the fees for loans closed after that date.
These loans are made by private lenders and guaranteed by the Department of Veterans Affairs (VA). VA loans are designed to help service people and veterans obtain financing at very reasonable rates and offer financing up to 100% of the home’s value with a maximum loan limit of $417,000.
LOANLYNX is honored to help our armed forces veterans own a part of the community they’ve helped protect. VA home loans are available to veterans and their spouses and generally do not require a down payment. Credit score requirements are typically less, lending guidelines are more flexible and you never pay monthly private mortgage insurance with a VA loan.
Our VA Loan makes homeownership easy for Veterans…because you’ve earned it.
- Save money with no Mortgage insurance required
- Keep your cash because there is no down payment – you can finance 100% of the home’s value
- Guaranteed by the Department of Veteran’s Affairs
- Interest rates are typically lower on a VA Loan, which means substantial savings to your monthly payments
A VA loan offers the following benefits:
- Low-or-no-down payment options
- Allows for financing of VA funding fee if needed
- Up to 4% seller contribution to buyer’s closing costs
- Gift funds allowed
- Allows for limited income and credit history
A VA loan might be right for you if you are:
- A retired veteran, active duty military, National Guard or reservist buying or refinancing a home
- Would like to make a low down payment
- Are interested in 100% financing
- Lack credit history or have income limitations
Qualifying for VA
VA loans allow qualified veterans to purchase a primary residence generally with no down payment. Borrowers are charged a one time funding fee that can be included in the loan amount if needed. No monthly MI is required. VA has more flexible guidelines than conventional products with regard to credit history, debt ratios, reserve requirements as well as the amount of allowable seller contributions.
Streamline Refinancing allows you to lower your interest rate and monthly payment on your existing VA loan while providing a minimal amount of documentation. You do not have to fully re-qualify for the new loan like you would on a rate/term refinance. A reduced funding fee of .50% is charged regardless of LTV or loan term. As with all VA programs, no monthly MI is required.