The VA Funding Fee is paid directly to the Department of Veteran Affairs for each home loan regardless if purchasing a new home, existing home or refinance transaction…below is the Kevin Martini breakdown of the VA Funding Fee.
The VA Funding Fee amount is based on service, down payment and if the powerful VA home loan has been used before (i.e. First-Time Use or Subsequent Use). Normally the VA Funding Fee is financed into the home loans so, it does not increase the cash needed to close. There are generally two situations where a a VA Funding Fee is not required: if one is entitled to or is receiving compensation for a service-related disability or if one is a serving spouse of a veteran who dies in service or from a service-related disability.
Kevin Martini | NMLS ID 143962 | Branch Manager
Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143
5650 Six Forks Road, Suite 101 Raleigh, NC 27609 | (919) 2384934 | www.KevinMartini.com | Kevin.Martini@Benchmark.us | Equal Housing Opportunity