I'm getting ready to buy a new home using the VA loan. I will be putting no money down and this will be my second home purchase through VA. Can you tell me what the funding fee will be? Can it be part of the mortgage amount and is VA the best way to in this situation? Thank you!
I am not for sure on what the funding fee amount. I believe it will be around 5% of sales price. My advice would be to call a mortgage company and ask them what percent the 2nd time usage is. And yes, it is your choice to either pay it at closing or roll it into the loan. The only true advantage I tell people abou the Va loan is the fact, that if you have not so great credit, you can still get a nice house.
Funding fee is fully financable into the loan amount. The fee varies depending on Military Status (It is usually 2.15% of Loan amount)However, it is waived if 5% more of disability. refer to home loan section of www.va.gov for your exact answer!
