{"id":1531,"date":"2023-05-24T09:52:22","date_gmt":"2023-05-24T09:52:22","guid":{"rendered":"https:\/\/xlnc.info\/instamortgage\/?p=1531"},"modified":"2023-07-18T11:00:08","modified_gmt":"2023-07-18T11:00:08","slug":"va-loan-funding-fees-reduced-for-2023-loans","status":"publish","type":"post","link":"https:\/\/xlnc.info\/instamortgage\/va-loan-funding-fees-reduced-for-2023-loans\/","title":{"rendered":"VA Loan Funding Fees Reduced for 2023 Loans"},"content":{"rendered":"

VA Loan Funding Fees have been reduced<\/a> for 2023 loans. The new funding fee applies to loans closing on or after April 7, 2023. Reduced funding fees apply to loans made to purchase or construct a dwelling with a Downpayment of five percent or more of the purchase price.<\/p>\n

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What kind of Downpayment is Required for VA Loans?<\/h3>\n

If you qualify<\/a>, you can get a VA loan with no down payment. Even the funding fee is added to the loan amount on top of the 100% loan with a 0% down payment. The new reduced funding fees, however, apply to a 5% or more down payment.<\/p>\n

How do I pay the VA Funding Fee?<\/h3>\n

The funding fee can be paid by you and added to your cash to close, or you can have the funding fee added to your loan amount. So, if you are borrowing $300,000 and your funding fee is $6,450 (calculated at 2.15% for first use with less than 5% downpayment), then your total loan amount will be the base loan amount of $300,000 + funding fee of $6,450 = $306,450.
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\"Get<\/div>\n
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Get A Rate Quote<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Who is exempt from Paying VA Loan Funding Fees?<\/h3>\n

According to the Va.gov website,<\/p>\n

You won\u2019t have to pay a VA funding fee if any of these descriptions are true for you:<\/strong><\/p>\n