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Old 05-21-2008, 07:44 PM
 
11 posts, read 78,142 times
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Is it reasonable to roll part of the VA funding fee into the homeloan? For example if the seller agreed to pay closing costs and there was enough to partially cover the VA fees but not all. I am not sure if this is common practice allowed by lenders or not.

thanks,

elisdad
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Old 05-21-2008, 08:33 PM
 
Location: Cary, NC
147 posts, read 687,757 times
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I know you can roll the VA funding fee into the loan, no problem. Not sure if it makes a difference if it's only part of it or not.
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Old 05-21-2008, 09:40 PM
 
Location: WNY
1,049 posts, read 3,845,291 times
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remember that the home has to be appraised for the full amount of the mortgage - and it has to be appraised by a va appraiser - they have imho become nazi like in appraisals, I had one come in 7k under what I sold it for, no games, I showed the appraiser comps etc etc, she wasn't talking to me - submitted her appraisal and that was that. We called the lending institution that said, in all the years I have been doing this, this is the first time I had three complaints in one day on va appraisers appraising too low. Once a va appraiser appraises your house for sale, lets say the sale doesn't go through and then you get another offer and they want to use va for a loan - well keep in mind that the original appriasers appraisal has to be used. just chiming in..... and this of course is my own opinion
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Old 05-25-2008, 12:25 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,547,010 times
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Depends if this is the first time using it or 2nd time.
First time is around 2.15, and 2nd use is 3.3%.

3.3% is a lot of money!

There are other loan products that can help you out like
FHA 3% down, 1.5% funding fee, and a 0.5% monthly MIP payment.
LPMI may require 5-10% down, and the lender pays the PMI. No funding fee.
LPMI will determine the down payment with the zip code of the property.
In Charlotte, NC it is 5% down.
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Old 05-25-2008, 12:45 AM
 
Location: Cary, NC
147 posts, read 687,757 times
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The home has to appraise for the full amount of the mortgage, yes. But my understanding is that this amount doesn't include the funding fee, if you choose to roll it into your mortgage.

In other words: if the purchase price of your house is $100K and it appraises at $100K, you can get a VA loan for $102150 if you roll the funding fee into the mortgage. (That is the funding fee for a first time borrower)
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Old 05-25-2008, 12:46 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,547,010 times
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that is correct

Quote:
Originally Posted by Korillian View Post
The home has to appraise for the full amount of the mortgage, yes. But my understanding is that this amount doesn't include the funding fee, if you choose to roll it into your mortgage.

In other words: if the purchase price of your house is $100K and it appraises at $100K, you can get a VA loan for $102150 if you roll the funding fee into the mortgage. (That is the funding fee for a first time borrower)
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Old 05-25-2008, 08:23 PM
 
Location: Cary, NC
147 posts, read 687,757 times
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Quote:
Originally Posted by renriq02 View Post
that is correct
Thank you!
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Old 08-17-2010, 05:52 PM
 
1 posts, read 6,976 times
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Can I purchase a duplex or triplex with a VA loan?
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Old 08-17-2010, 06:10 PM
 
Location: Fayetteville, NC
1,490 posts, read 5,966,331 times
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Always ask if they are diabled vets. 10% disabilty and they pay no funding fee.


You can buy up to a fourplex on a owner occupied VA loan. Did it for a very smart client last year.

I hope to help my USAF son do it in a couple more years wherever he is stationed at the time.
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Old 08-17-2010, 07:50 PM
 
Location: MID ATLANTIC
8,650 posts, read 22,807,444 times
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The funding fee must be financed or paid in cash, but not split.
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