Fantastic news for all VA buyers! Starting October 1, 2011 the VA is lowering its funding fee rates for home mortgages! The funding fee is what the VA charges you to insure the loan. It is not an out of pocket expense at the time that you purchase, but it is added to to the total cost of the loan and does affect your monthly payment.
Currently the charge when you initially use your VA eligibility has been 2.15% of the purchase price for your first home purchase. That rate will be going down to 1.40% in October. If this is not the first time you have used your VA eligibility to purchase a home the current rate is 3.30% of the purchase price and that will be going down to 2.15% in October
So on a purchase price of $200,000 you would be saving a total of $1,500 on your VA funding fee if it was the first home purchase you had made using a VA loan, if it was a subsequent use of your VA benefit then your savings would be $2,000 on your funding fee.
With fantastic interest rates and a great selections of homes available to choose from, this makes it an even better time to buy now!!
Author:Brandi Rademacher Phone: 253-224-6663 Dated: September 23rd 2011 Views: 1,466 About Brandi: Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to fo...
View our latest blog posts in your RSS reader. Click here to access.
RE/MAX Realty South real estate brokerages employ full time, highly productive, experienced and educated brokers focused on serving their real estate clients and communities at the highest possible level to create the best possible result...even in these rapidly changing times and uncertain economy. We provide accurate, detailed information, data and advice so that our clients make informed decisions. We're committed to life long relationships founded in integrity and mutual respect. We're here to help...at all stages in all situations.
According toGeorge Ratiu,Senior Economistforrealtor.com:"The ability
"Buying your first house is stressful. My stress was minimized because Erin "held my hand" the entire way through the process. She always went the extra mile to help get my questions answered and was an advocate for my best interest with the seller. Her style is friendly, fun and professional. I would highly recommend choosing Erin to represent you in your search for your home sweet home. "