As your broker, we have a lower cost of funds and offer to pay towards your closing costs for VA loans, especially for our Veterans with excellent credit. Our VA loan the best of ALL loan options, including the VA IRRRLs (no cost refis) and Cash Out Refinancing!
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have provide bank statements, W2s, job verification or paychecks. This is a virtually a No Income No Asset loan … because you already have a VA loan!
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs - and MonsterMike will contribute too!
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These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.