Friday, September 16, 2011
If you are a veteran, active duty, or a reservist prospective home buyer. Listen up Dept of Veteran Affairs has announced new changes. According to update 26-11-12 the change will affect the funding fee.
The funding fee is the amount due up front or can be financed into the loan amount on a VA Loan. The purpose of this fee is to act as a mortgage insurance for VA lenders and is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit,. The benefit of using a VA loan versus an FHA loan is there is no monthly mortgage insurance premium paid. This can make a monthly payment on a VA loan significantly less. Interest rates are still at record lows and sales prices are very reasonable. If you are ready to buy or want to hear more about loan programs contact me today!
a. For loans closed on or after October 1, 2011, the fee for s
ubsequent use loans with
less than 5 percent downpayment and subsequent use regular refinance loans
will be 2.8
percent for both active duty Service members, Veterans, and persons qualifying based
solely on service in the Reserves or National Guard. This change is due to passage of
Public Law 112-26, Restoring GI Bill Fairness Act of 2011.
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Deandrea "Dee Dee" Jones
Blu Skyy Realty Virginia Beach, VA