The Veterans Administration has published the new VA Funding Fee Chart that will become effective Jan 1, 2020. The changes to the VA Funding Fee were part of the Blue Water Navy Vietnam Veterans Act of 2019.
There are 3 significant changes within the Blue Water Navy Vietnam Veterans Act:
- VA Funding Fees were adjusted upward
- VA Loan Limits were virtually eliminated for many Veterans
- Purple Heart Recipients still on Active Duty may be Exempt from the VA Funding Fee
This article will focus on the new VA Funding Fees that become effective Jan 1, 2020. This is the first change to VA Funding Fees in many years. The increase in the VA Funding Fees will only marginally effect housing costs for most Veterans, call me for a specific quote.
Here are the 2020 VA Funding Fees:
|Type of Loan||Downpayment||Percentage for |
First Time use
|Purchase and Construction Loans||None|
5% but less than 10%
10% or more
|Cash-Out Refinance Loans||n/a||2.30%||3.60%|
We have been helping Veterans and Active Duty Military purchase and refinance homes for over a decade throughout our service areas. Give us a call at 866-900-2342 Toll Free or call Brian direct at 760-752-4480 to get help with your VA Loan, or to get your VA Loan Questions answered.