Early in 2023, the VA announced that they would be making a scheduled change to VA funding fee rates.
The funding fee percentages for VA home loans, including construction loans and refinances, will be decreasing as of April 7, 2023. This is good news for home buyers looking to finance purchases through VA home loans!
The current VA loan fee rates still apply for loans closing before April 7, 2023. These fees are detailed in the charts below:
The new VA loan fee rates that will apply to loans closing on or after April 7, 2023 and prior to November 14, 2031 are as follows:
Those who qualify for VA Disability are exempt from the VA funding fees.
If you’re in the market for a new home and you’re considering a VA mortgage to finance your purchase, get in touch with us today! As a mortgage broker, we can help connect you with home financing options that align with your needs and qualifications – and, given our CVLS certification, our team is uniquely qualified to work with veterans.
We can help you understand the ins and outs of the mortgage process, and assist you every step of the way as you pursue a VA home loan.
The following resources are a great place to start:
Guide to VA Mortgages: Find the answers to frequently asked questions, learn about qualification requirements, and find recent updates related to VA home loans here.
New York VA Mortgages: Find details about the benefits of VA home loans and learn about the basic steps involved in obtaining one here.
VA Home Loan FAQs: Find answers to frequently asked questions about VA home mortgages.