VA Government Home Loans Summary

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Benefits to Veteran:
> No down payment required on loan amounts up to $417,000
> No monthly private mortgage insurance
> No prepayment penalties
> Seller may contribute all of Veteran's closing costs and prepaid items
> Veteran does not pay "junk fees" as listed by VA

VA Funding Fee:
Although there is no down payment requirement or monthly private mortgage insurance, for a VA home loan, VA charges a funding fee to the veteran depending on the amount of down payment.

For the veteran who is a first time homebuyer, with no down payment, the funding fee is 2.15%. For subsequent use, the fee is increased to 3.35%. Veterans have choices of financing the cost into the loan amount, having the seller pay it, or paying the funding fee at closing in cash. Keep in mind that once you have a VA mortgage, when refinancing later, the funding fee is only .50%.

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