Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan's cost to taxpayers considering that a VA loan requires no down payment and has no monthly mortgage insurance.
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.
|Type of Veteran||Down payment||Percentage for First time Use||Percentage for Subsequent Use|
|Regular Military||None||2.15%||3.3% *|
|Regular Military||5% or more||1.50%||1.50%|
|Regular Military||10% or more||1.25%||1.25%|
|Reserves / National Guard||None||2.4%||3.3% *|
|Reserves / National Guard||5% or more||1.75%||1.75%|
|Reserves / National Guard||10% or more||1.5%||1.5%|
|Type of Loan||Percentage|
|Manufactured Home Loans (NOT permanently affixed)||1.00%|
*The higher subsequent use fee does not apply to these types of loans if the
Veteran's only prior use of entitlement was for a manufactured home loan.
|P & I Payment:|
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These are exemptions to the VA funding fee.
The VA Certificate of Eligibility from the VA is one of the most important required document that will be needed for a new VA loan or a VA Refinancing loan.
The VA Certificate of Eligibility (COE), is a document from the VA that provides the Veterans available eligibility amount for the VA Loan Program and if the Veteran is exempt from the VA Funding Fee.
We can obtain a Certificate of Eligibility for you by using ACE (Automated Certificate of Eligibility). ACE is a web-based application that is able to determine the Veterans eligibility and issue an online Certificate of Eligibility in a matter of seconds.
We are located in San Antonio, Texas and are Licensed Mortgage Broker and a VA Approved lender and have been specializing in VA Loans throughout Texas since 2002.
We can help you accomplish your home purchase or home refinance with expert service, fast closing and very low fees.
To speak with a home loan specialist call
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We are located in San Antonio, Texas and proudly boasts an A+ rating from the Better Business Bureau.
If you are in the Dallas–Fort Worth–Arlington, TX metroplex area please see our new Grove Mortgage home loans in Dallas page.