Payment for mortgage protections, such as the fee to secure a loan backed by the Department of Veterans Affairs.
http://www.investorwords.com/13358/funding_fee.html
The VA funding fee, on the other hand, depends on several factors: whether the borrower is a veteran of active-duty military service or Guard/Reserve service, the size of the down payment, and whether this is the first time the borrower has taken out a VA-backed loan.
http://finance.zacks.com/fha-ufmip-va-funding-fee-2557.html
Examples are: payment of pre-paid closing costs, VA funding fee, payoff of credit balances or judgments for the Veteran, and funds for temporary buydowns. Payment of discount points is not subject to the 4% limit.) You are not allowed to pay for the termite report, unless the loan is a refinance.
http://www.benefits.va.gov/HOMELOANS/purchaseco_loan_fee.asp
VA Funding Fee. Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan's cost to taxpayers considering that a VA loan requires no down payment and has no monthly mortgage insurance.
http://www.benefits.va.gov/HOMELOANS/purchaseco_loan_fee.asp
VA Funding Fee Explained. The VA Funding Fee is paid directly to the Department of Veteran's Affairs and is the reason they can guarantee this no-money-down loan program. This fee is paid so that VA eligibile borrowers can enjoy loan benefits such as $0 down financing and no PMI payments. VA Funding Fee Chart.
http://www.vafundingfee.com/
For example, the 2.15 percent funding fee on a $200,000 mortgage comes out to $4,300. On a fixed-rate loan at 30 years and 6 percent, rolling in the Funding Fee adds $26 per month to your principal and interest payment. Veterans wanting a VA refinance must also pay a Funding Fee.
https://www.veteransunited.com/valoans/va-funding-fee-explains-the-fee-who-pays-what-and-why/
This assistance comes at a cost to the borrower, however. Both the FHA and the VA charge a percentage of the loan amount, payable upfront as either an FHA UFMIP or a VA funding fee. The FHA and VA do not lend anyone money to buy a home.
http://finance.zacks.com/fha-ufmip-va-funding-fee-2557.html
Military veterans who take out VA-backed loans don't pay mortgage insurance, but they pay an upfront funding fee, which is a percentage of the loan, much like the UFMIP. As of mid-2012, the FHA UFMIP was 1.75 percent of the base loan amount.
http://finance.zacks.com/fha-ufmip-va-funding-fee-2557.html
But there’s one cost unique to this incredible loan program: the VA Funding Fee. The VA Funding Fee is a set fee applied to every purchase loan or refinance. The proceeds go directly to the VA and help cover losses on the few loans that go into default. The fee changes depending on several factors, including the nature of the borrower’s service, whether the borrower has a prior VA loan and if there’s a down payment.
https://www.veteransunited.com/valoans/va-funding-fee-explains-the-fee-who-pays-what-and-why/
Already have a VA loan to refinance? VA funding fee percentage is also impacted by making 5% or more down payment. 5% down decreases the funding fee to 1.50%. A down payment of 10% or more reduces the funding fee to 1.25%. To all the AGENTS & HOMEBUYERS out there for using WhatsMyPayment.com and making it the success it has become!
https://www.whatsmypayment.com/VA/
what's the va funding fee?
The VA funding fee is a set fee applied to every purchase loan or refinance. VA funding fee is a set fee applied to every purchase loan or refinance. The Veterans Affairs funding fee is a set fee applied to every purchase loan or refinance.