Tag Archives: Navy

Read below for reduced VA Funding Fee!

VA loan in Niceville Florida

VA loans in Niceville Florida

Have you served our country by serving in the military, reserve, or National Guard?  If so, your benefits are about to get better, and I think that’s great!  The VA mortgage loan is a fantastic tool for financing a home.  In fact, if a home buyer doesn’t want to make a down payment, their options are limited to a Veterans Administration (VA) loan (if they’re eligible), a Rural Housing Loan (only available in some parts of the country), or some niche types of loans with limited availability in some localities.

While VA loans are excellent they aren’t free, and cost a little more if you’re using it for a subsequent home purchase.  In fact, if you close on a subsequent VA mortgage this month, your VA Funding Fee will be 3.3% of the loan amount if you don’t make a down payment!  Fear not, it gets better!!

If you close your VA loan on the 1st of October 2011 (or more realistically the 3rd since the 1st is a Saturday) or after, your Funding Fee will reduce from 3.3% to 2.8%!  That’s a savings of .5% of the loan amount, ($1,250 on a $250,000 purchase!!).  If, after reading this, you decide to delay your closing a couple of days to save .5%, I’d be happy to let you take me to lunch!  🙂

Here is an abbreviated table for the VA Funding Fee:

VA Guaranteed Loans – Loan Fee Structure

loans closed on or after October 1, 2011

(abbreviated table)

First Time Use
Down Payment:  Less than 5%  Between 5% and 10%  At least 10%

1.40%

0.75%

0.50%

Second and Subsequent Use
Down Payment:   Less than 5%  Between 5% and 10%  At least 10%

2.80%

0.75%

0.50%

To see the full table, and the release from the Veterans Administration, click here.

For the past 6 years over 60% of my customers have used VA loans. Consider me your VA lending expert!

How can I help you or your friends?

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A Veterans Day Message

On this Veteran’s Day I want to thank four very important veterans in my life. First and foremost, my Dad! He spent 23½ years in the Navy and I could not be more proud to be the son of a Naval Aviator, specifically a helicopter pilot! Second and third, both of my wife’s parents are veterans. My father-in-law spent a 20 year career in joint service in both the Navy and the Air Force; my mother-in-law spent over 3 years in the Navy Medical Corp as a “Corp Wave”. And finally, my Assistant gave 21 years of her professional life to our country through the Air Force.

Thank you, Dad, George, Cheryl, and Barbara for your service to our great nation. Happy Veterans Day to all of our Veterans, may God bless you all!