VA Loans have always been a great way for soldiers and retired miliary to purchase homes. VA Loans do not have mortgage insurance. Instead, they have a funding fee that can be rolled into the loan amount or can be paid up front by the borrower. The Funding Fee Amount is based on many things:
- If it’s the first time the veteran has used their benefit or a subsequent time
- The loan to value ratio
- The term of the loan (15 vs 30 years)
- Whether the Veteran is Active Military or Reserve/Guard or Retired
- Whether it is a Refinance or Purchase
My husband and I did a VA Loan when we purchased our first home in Killeen, Texas when he was still on active duty with the Army. It’s a great way to purchase a home without having a down payment. On October 1st the VA Loan Funding Fee Schedule will change a little. If you are thinking about purchasing a home using your VA benefits please call RREA today to speak to an agent that is Texas Veteran Land Board Certified. 281.288.3500. Our in house lender would love the opportunity to help you with your VA Loan.