The funding fee rate is only applied to the amount financed in the VA loan, so no fee is applied to a borrower’s down payment.īorrowers can decrease their funding fee rate by putting at least 5% down on a VA home loan, and about one-third of all borrowers are exempt from paying the funding fee altogether. Use an online calculator to make it easy. Some of my service connected disabilities are bilateral as well. The funding fee increases to 3.60% for those borrowing a second VA loan. Yea the VA math is crazy I have over 10+ Service connected disabilities and I am still rated at 90 but being paid at 100 rate. About one-third of all VA loan borrowers are exempt, so ask a VA loan lender if you qualify for an exemption.Īs of January 1, 2020, the VA funding fee rate is 2.30% for first-time VA loan borrowers with no down payment. Veterans with a disability rating of higher than 10%, Purple Heart recipients, and surviving spouses of veterans who died in the line of duty are exempt from paying the VA funding fee.
Who is exempt from paying the VA Funding Fee? Middle School Students ' Perceptions of Math and Science Abilities and Related Careers.That figure gets rounded to the nearest 10, making the disability rating 50.
The 2.3% for first-time use and 3.6% for subsequent use stays the same for the majority of borrowers, but the total dollar amount will depend on the size of your loan. For example, if disability 1s rating is 40 and disability 2s is 20, the combined rating is 52. Several factors, such as down payment size, disability status, and if it’s your first time using a VA loan or not, play into how your VA funding fee is calculated. The VA funding fee is calculated as a percentage of the total loan amount.
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