{"id":13472,"date":"2023-09-06T09:09:25","date_gmt":"2023-09-06T16:09:25","guid":{"rendered":"https:\/\/mortgagesolutions.net\/?p=13472"},"modified":"2023-09-19T09:17:19","modified_gmt":"2023-09-19T16:17:19","slug":"veteran-home-loan-funding-fee-exemptions","status":"publish","type":"post","link":"https:\/\/mortgagesolutions.net\/2023\/09\/06\/veteran-home-loan-funding-fee-exemptions\/","title":{"rendered":"Veteran Home Loan Funding Fee Exemptions: Who Qualifies for Waivers?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are you a veteran or military member who is interested in buying a home with a VA loan? If so, you may have questions about <\/span><a href=\"https:\/\/mortgagesolutions.net\/find-a-loan\/purchase\/va-loans\/\"><span style=\"font-weight: 400;\">VA loan<\/span><\/a><span style=\"font-weight: 400;\"> funding fee exemptions. In this article, we&#8217;ll delve into the details of veteran home loan funding fees and when exemptions may apply.\u00a0<\/span><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What Is the VA Home Loan Funding Fee?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/funding-fee-and-closing-costs\/\"><span style=\"font-weight: 400;\">VA funding fee<\/span><\/a><span style=\"font-weight: 400;\"> is a mandatory charge that borrowers must pay when taking out a VA loan. Its purpose is to help offset taxpayer costs associated with the VA loan program. Essentially, it enables the program to remain self-sustaining so it can continue helping veterans achieve their homeownership dreams.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">How Much Does It Cost?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The fee varies depending on factors such as your down payment and whether it&#8217;s your first VA loan purchase or subsequent loan. For a first-time VA purchase loan\u2026<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">with a down payment of less than 5%, the funding fee is 2.15% of the purchase price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">with a down payment of 5% to 9.9%, the fee is 1.5% of the purchase price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">with a down payment of 10% or more, the funding fee is reduced to 1.25% of the purchase price.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For subsequent VA loans, the funding fee is slightly higher:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">3.3% with a down payment of less than 5%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1.5% with a down payment of 5% to 9.9%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1.25% with a down payment of 10% or more<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">General Eligibility for Funding Fee Exemptions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While the funding fee is a necessary aspect of VA loans, certain individuals may qualify for exemptions. If any of the following descriptions apply to you, you may not have to pay the VA funding fee:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Veterans with Service-Connected Disabilities<\/b><span style=\"font-weight: 400;\">: If you are receiving or eligible to receive VA compensation for a service-connected disability, the funding fee exemption applies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Surviving Spouses<\/b><span style=\"font-weight: 400;\">: The exemption extends to surviving spouses who are receiving Dependency and Indemnity Compensation (DIC) following the passing of a veteran spouse.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pre-Discharge Claim:<\/b><span style=\"font-weight: 400;\"> Service members who receive a proposed or memorandum rating before the loan closing date, indicating eligibility for compensation due to a pre-discharge claim, are exempt.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Purple Heart Recipients<\/b><span style=\"font-weight: 400;\">: Active-duty service members providing evidence of receiving the Purple Heart before or on the loan closing date qualify for exemption.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Advantages of Funding Fee Exemptions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Securing a funding fee exemption can have significant financial benefits. Not having to pay this fee reduces upfront costs, making homeownership more affordable.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Get More Info About Veteran Home Loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At Mortgage Solutions Financial, we are committed to assisting veterans and military members in realizing their dreams of owning a home. If you need guidance on funding fee exemptions or veteran home loans in general, please don&#8217;t hesitate to <\/span><a href=\"https:\/\/mortgagesolutions.net\/contact-us\/\"><span style=\"font-weight: 400;\">contact us<\/span><\/a><span style=\"font-weight: 400;\">. Together, let&#8217;s make your homeownership journey a reality!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you a veteran or military member who is interested in buying a home with a VA loan? If so,&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/mortgagesolutions.net\/2023\/09\/06\/veteran-home-loan-funding-fee-exemptions\/\" title=\"Read Veteran Home Loan Funding Fee Exemptions: Who Qualifies for Waivers?\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":7,"featured_media":13473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Veteran Home Loan Funding Fee Exemptions: Who Qualifies?<\/title>\n<meta name=\"description\" content=\"Did you know that there are veteran home loan funding fee exemptions? 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