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VA has announced changes to the VA Funding Fee effective for all loans closed on or after October 1, 2011
Alameda: WHOOOHOOOO!!! Can you believe good news in the mortgage industry??? When I heard there were changes to VA funding fees I thought for sure we would see a spike like we have in monthly mortgage insurance premiums on FHA loans. Fortunately, unlike the up front FHA MIP the VA funding fee is going DOWN!
On October 1st qualified active duty VA borrowers will be able to get a 100% LTV VA loan and the funding fee will only be 1.40%!! Here is a breakdown of the savings for first time use of entitlement:
No down payment: Current Rate – 2.15%
Loans Closed on or After 10/01/2011 – 1.4%
5% down payment: Current Rate – 1.5%
Loans Closed on or After 10/01/2011 – .75%
10% down payment: Current Rate – 1.25%
Loans Closed on or After 10/01/2011 – .50%
If you or someone you know are looking to purchase a home using VA financing this is great news! Please contact the Werdmuller group for more information or to get prequalified today!
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Approved Property Types and Loan Limits for a VA Loan
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August 22, 2011 by Wendy Werdmuller · Leave a Comment
I am a HUD certified loan officer with First Priority Financial and have a team with 44+ years of experience in the real estate industry on my side. While I am equipped to handle all areas of financing I like to focus in on the first time home buyer who plays the most crucial role in our current real estate market.
