\n\t\t\t\t
The cost of the VA funding fees depends on the amount of their loan and other factors.<\/p>
For all loans, the VA funding fee will be based on the type of loan a borrower takes, and the total amount of their loan.\u00a0<\/p>
The funding fee is calculated as a percentage of the borrower’s total loan amount.<\/p>
Depending on their loan type, the fee varies on:<\/p>
If it\u2019s the first time or a subsequent time, that the borrower is using a VA- loan, and also depends on their down payment amount<\/p>
In addition to closing fees, the borrower’s lender will also charge interest on the loan.\u00a0<\/p>
So it is important for the borrower to talk to their lender about any loan costs that may be added to their loan amount.<\/p>
Borrowers can review the VA funding fee rate charts to determine the amount they\u2019ll need to pay.\u00a0<\/p>
The Down payment and VA funding fee amounts are expressed as a percentage of the total loan amount.<\/p>
For instance – If a borrower is using a VA-backed loan for the first time, and they\u2019re buying a home for $200,000 and making a down payment of 5% ie. $10,000.\u00a0<\/p>
The borrower pays a VA funding fee of 1.65% of the balance amount which is $190,000. The funding fee is not applicable to the purchase price of the home but only to the loan amount.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t