Many Veterans who are interested in getting a VA loan have heard about the VA funding fee – but aren’t quite sure exactly how much it is or maybe even exactly what it is.
What is the VA funding fee and how much is it?
The VA funding fee is a fee that may only be paid in cash or financed as part of the VA loan.
However, the funding fee may be split only when the total loan amount with the funding fee will exceed the current maximum mortgage amount. On loan amounts exceeding $417,000, if the combined loan amount plus the funding fee exceeds the county limit, the portion of the total funding fee that exceeds the county limit may not be financed into the loan amount.
Amount of funding fee charged is based on the loan-to-value, veteran status, transaction type, and prior use and here are a few graphics that show the percentages for the require VA funding fees for closing.
VA Funding Fee For VA Purchase Loans
VA Funding Fee For VA Refinance Loans