One of the very special aspects of VA home loans is that veterans with any type of disability rating are exempt from paying the funding fee on VA home loans. This is really a huge benefit, as the funding fee for first time VA loan use is 2.15% of the loan amount and 3.3% for subsequent VA loan use. This makes VA financing with a disability the greatest loan ever available with 100% financing with a low 30 year fixed rate and no up front or monthly mortgage insurance (the funding fee is another name for VA’s mortgage insurance)!
Here is a list of bullet points to help you know if you are exempt from the funding fee on VA loans:
- Veterans receiving VA compensation for service-connected disabilities.
- Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
- Veterans who are rated by VA as eligible to receive compensation as a result of pre-discharge disability examination and rating.
- Veterans entitled to receive compensation, but who are not presently in receipt because they are on active duty.
- Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
Also keep in mind that if you currently have a VA loan and would like to do a VA streamline refinance to today’s 60 year low 30 year fixed VA rates, if you have a disability, the .5% funding fee is waived on the VA streamline. This allows you to drop to the low VA interest rates with little or no cost.
Please don’t hesitate to give me an email at homeloan8@gmail.com or call at 858-922-7899 if you would like to be approved for a VA loan in California.
Here are some of today’s best advantages of VA home loans in California:
- VA loan limits go up to $962,750 for 100% financing in many California counties and cities such as San Francisco, Alameda County, San Mateo County and Contra Costa County. The VA loan limits are also very high in Los Angeles, Orange County and San Diego County.
- VA financing does not have monthly mortgage insurance (like FHA and conventional does)
- VA home loans are 100% financing zero down payment loans
- VA loan interest rates are near 60 year lows
Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
Related posts:
- VA Loan Borrowers Getting Any VA Disability Get to Waive Funding Fee If you are veteran and you are getting any service related disability...
- Facts About the VA Loan Funding Fee in California VA financing includes a VA funding fee that is rolled...
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