Simply put, the funding fee is a cost associated with obtaining a VA loan.. funding fee which is paid upfront instead of having to pay mortgage.
The funding fee is designed to be paid by the Veteran so that it reduces the cost of the loan to the government because VA loans offer 100 % financing and no mortgage insurance. The VA funding fee is a percentage of the VA loan amount and varies on these things:
· Huge Decrease in the 2016-2017 USDA Funding Fee & Annual Fee! The USDA Funding Fee is a key part of the USDA home loan program and basically pays for the program. First, USDA mortgage loans are so popular (especially in NC, SC, and Virginia) because it allows homebuyers to purchase with no money down.
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The funding fee is easily documented as a one-time expense that will not recur annually. You can make your mortgage guy and your tax gal both happy. Keep your final HUD-1. Have your CPA put it on line 19 of your Schedule E, and have her call it "VA Funding Fee."
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The VA Funding Fee is a governmental fee applied to every VA purchase and refinance loan. This fee goes directly to the Department of Veterans Affairs to help cover losses and keep the loan guaranty program running for future generations of military homebuyers.