VA Funding Fee reduction reduces cost of VA refinance dramatically

VA Funding Fee reduction reduces cost of VA refinance dramatically

*** update – Congress has repealed the changes to the VA Funding Fee that were to take effect Oct 1, and then again on Nov 17. VA Funding Fees are expected to remain at prior levels for the next 2 years.

The VA has Authorized a new Opportunity for Veterans to Refinance at lower costs.

The VA is lowering the VA Funding Fee beginning Nov 17, 2011. This will create a huge opportunity for Veterans to Refinance using their VA Loan Benefit for a VA Loan or VA Jumbo Loan at lower costs. The VA Funding Fee for a 90% loan to value refinance is being reduced to 1.40% (down from 2.15% prior for a first time use).

The VA Refinance allows you to consolidate your current non-VA Home Loan or loans (including a Home equity Loan, or Home Equity Line of Credit), into a single VA Loan up to 90% of your homes current value with a VA Funding Fee of just 1.40%.

The VA Allows you to do a Cash Out Refinance up to 90% of your homes value. Use the proceeds to consolidate Debt, Upgrade your home, remodel your kitchen or bathroom, or whatever you can dream up.

Veterans with a 10% or higher VA Related Disability are Exempt from the VA Funding Fee.

Here is another article with more info on the VA Funding Fee Changes.

Call us today at 760-752-4480 to discuss your situation and to see if you can benefit from a VA Refinance.