Submitted by Deanna Thompson on Thu, 12/02/2010 - 20:46
In order for VA to guarantee the VA home loan in Arizona, there is a closing cost assessed by the VA to originate the loan called a funding fee. This fee will vary, depending upon the type of VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.
| Type of Veteran | Down Payment | % for First Time Use | % for Subsequent Use |
| Regular Military |
None 5% to 10% 10% or more |
2.15% 1.50% 1.25% |
3.30% 1.50% 1.25% |
| Reserves/National Guard |
None 5% to 10% 10% or more |
2.40% 1.75% 1.50% |
3.30% 1.75% 1.5% |
| Type of Veteran | % for First Time Use | % for Subsequent Use |
| Regular Military | 2.15% | 3.30%* |
| Reserves/National Guard | 2.40% | 3.30%* |
*The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan.
| Type of Loan | % (does not matter if first time use or subsequent use) |
| IRRRL's | .50% |
| Loan Assumptions | .50% |
The funding fee does not have to be paid by veterans receiving VA compensation for service-connected disabilities, or who but for the receipt of retirement pay would be entitled to receive compensation for service-connected disabilities, or surviving spouses of veterans who died in service or from a service-connected disability
If you have questions regarding the funding fee or if you qualify for a VA loan please call 602 993-0000 begin_of_the_skype_highlighting 602 993-0000 end_of_the_skype_highlighting or email sunnations@cox.net
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