VA Funding Fee Chart Explained (2017)

VA loans are awesome.

They exist so veterans and those dedicated to protecting our country can easier purchase a new home. VA loans do not require a down payment and do so without the existence of monthly mortgage insurance (AKA "MI" or "PMI"). To keep the VA program running smoothly VA loans carry a funding fee.

All VA loans: VA funding fee waived for service related disabled veterans.

VA Funding Fee: PURCHASE

VA loans with less than 5% down payments:
First VA Loan - non-reservist2.15%
First VA Loan - reservist2.40%
Subsequent use VA3.30%
VA loans with 5% to 9.99% down payments:
Non-reservist1.50%
Reservist1.75%
VA loans with 10% or greater down payments:
Non-reservist1.25%
Reservist1.50%

Our VA loan payment calculator calculates the applicable funding fee while accounting for disability, down payment, reservist, and/or subsequent use.

VA Funding Fee: Refinance

Interest Rate Reduction Refinance Loans (IRRRL)
IRRRL0.50%
VA cashout refinance (all non-IRRRL refinances)
First VA Loan - non-reservist2.15%
First VA Loan - reservist2.40%
Subsequent use VA3.30%

All VA loan refinances that are not Interest Rate Reduction Refinance Loans (IRRRL) are considered cashout refinances.

Unlike VA purchase loans, there are no loan to value discounts on VA refinances.

Apply for a VA Loan

*The VA funding fee is added to your base loan amount. It is not something you pay out of pocket at closing.

The percentages from the chart are multiplied by your base VA loan amount. If you are a non-reservist, have never had a VA loan, and are buying a $200,000 home with no down payment, your funding fee is $4,300 (2.15% x $200,000). $4,300 is added to your $200,000 base loan amount for a total loan amount of $204,300.

VA Funding Fee Exemption

Veterans with service related disability of 10% or more are typically exempt from the VA funding fee. Your certificate of eligibility (COE) (obtained by your lender) will state your exempt status.

Next: VA Mortgage Payment Calculator

*All calculations on www.WhatsMyPayment.com are for demonstration purposes only.
Every effort is made to maintain accurate calculations for each program listed. Actual numbers may vary.

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