{"id":25996,"date":"2023-02-28T22:33:57","date_gmt":"2023-02-28T22:33:57","guid":{"rendered":"https:\/\/joey.integratedfunding.us\/staging\/1544\/?p=25996"},"modified":"2023-03-21T23:37:35","modified_gmt":"2023-03-21T23:37:35","slug":"va-funding-fee-charge-update","status":"publish","type":"post","link":"https:\/\/joey.integratedfunding.us\/staging\/1544\/va-funding-fee-charge-update\/","title":{"rendered":"VA Funding Fee Charge Update"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"25996\" class=\"elementor elementor-25996\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f9d81c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f9d81c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0555475\" data-id=\"0555475\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-77d998b elementor-widget elementor-widget-text-editor\" data-id=\"77d998b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><span class=\"s1\">On February 14, 2023, the U.S. Department of Veterans Affairs (VA) announced a scheduled change to VA Funding Fee Rates for loans closed on or after April 7, 2023.<\/span><\/p><p>VA Loan is a type of government loan that is insured or backed up by the US Federal government. This program is available exclusively to eligible veterans, active duty service members and surviving spouses. As compared with other loan products, VA loan offers better interest rates, low or zero down payment and no monthly mortgage insurance premium (MIP).<\/p><p>However, VA loans require that a funding fee be charged on non-exempt Veterans or those borrowers who do not meet the qualifications for a fee waiver. This fee is a one-time fee paid to the VA.<\/p><p>Currently, Veterans who put up downpayment less than 5% of the purchase price pay a funding fee of 2.3% for first time use and 3.6% for subsequent loans. Please refer to the table below.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2581063 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2581063\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-613ee63\" data-id=\"613ee63\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-37f9132\" data-id=\"37f9132\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-364db82 elementor-widget elementor-widget-image\" data-id=\"364db82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.benefits.va.gov\/HOMELOANS\/documents\/circulars\/26-23-06-exhibita.pdf\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1014\" height=\"728\" src=\"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA.png\" class=\"attachment-large size-large wp-image-25926\" alt=\"\" srcset=\"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA.png 1014w, https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA-300x215.png 300w, https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA-768x551.png 768w\" sizes=\"(max-width: 1014px) 100vw, 1014px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-39df625\" data-id=\"39df625\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-f77d216 elementor-widget elementor-widget-text-editor\" data-id=\"f77d216\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>With the issuance of\u00a0<a href=\"https:\/\/www.benefits.va.gov\/HOMELOANS\/documents\/circulars\/26-23-06.pdf\" target=\"_blank\" rel=\"noopener\">Circular 26-23-06<\/a>, for loans closed on or after April 7, 2023, the VA Funding Fee is being reduced by 15 to 30 basis points (bps). For Veterans who put up downpayment less than 5% of the purchase price, the new funding fee is 2.15% for first time use and 3.3% for subsequent loans. Please refer to the table below.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e2a7c4a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e2a7c4a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-8dbf726\" data-id=\"8dbf726\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-9517d9f\" data-id=\"9517d9f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a7545d7 elementor-widget elementor-widget-image\" data-id=\"a7545d7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.benefits.va.gov\/HOMELOANS\/documents\/circulars\/26-23-06-exhibitb.pdf\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1014\" height=\"728\" src=\"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA.png\" class=\"attachment-large size-large wp-image-25926\" alt=\"\" srcset=\"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA.png 1014w, https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA-300x215.png 300w, https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-content\/uploads\/2023\/03\/ExhibitA-768x551.png 768w\" sizes=\"(max-width: 1014px) 100vw, 1014px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-5a8f14d\" data-id=\"5a8f14d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-4243e92 elementor-widget elementor-widget-text-editor\" data-id=\"4243e92\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>These changes apply to all VA Purchase, construction loan and VA Cash-out refinance only.<\/p><p>Please talk to your Loan Officer if you have any concern regarding this new amendment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>On February 14, 2023, the U.S. Department of Veterans Affairs (VA) announced a scheduled change to VA Funding Fee Rates for loans closed on or after April 7, 2023. VA Loan is a type of government loan that is insured or backed up by the US Federal government. This program is available exclusively to eligible [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":25920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[42,41,40],"class_list":["post-25996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-va-loan","tag-funding-fee-update","tag-va-funding-fee","tag-va-loan"],"_links":{"self":[{"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/posts\/25996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/comments?post=25996"}],"version-history":[{"count":9,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/posts\/25996\/revisions"}],"predecessor-version":[{"id":26022,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/posts\/25996\/revisions\/26022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/media\/25920"}],"wp:attachment":[{"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/media?parent=25996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/categories?post=25996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/joey.integratedfunding.us\/staging\/1544\/wp-json\/wp\/v2\/tags?post=25996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}