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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.
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
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.
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)
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)
The funding fee must be financed or paid in cash, but not split.
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