Home Buying in Sykesville>Question Details

Bettmax, Renter in Aberdeen, MD

Do veterans pay funding/orgination fees if they are using their VA the first time. My loan officer said she never heard of such.

Asked by Bettmax, Aberdeen, MD Tue Sep 3, 2013

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Hi Kazmax,

The good part is you add to your loan. Good luck
0 votes Thank Flag Link Tue Sep 3, 2013
What?
Flag Tue Sep 3, 2013
I am 100% disabled. Where can I find that information in the VA regulation? What about transfer tax fees on a new home?
0 votes Thank Flag Link Tue Sep 3, 2013
Veterans pay a funding fee of 2.15% unless they are disabled or put down 5%. It's rolled into the loan and does not have to be paid upfront as a fee. Although that is certainly an option.
So if you have a loan of $100,000 the total loan amount would be $102,150. I specialize in VA loans and would be happy to explain the features and benefits of the loan to you. What exactly is your loan officer unclear about? Hope this was helpful, always available to assist a veteran.

Thank You,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Tue Sep 3, 2013
Unless a Veteran is disabled they will pay a funding fee at closing to use the loan. Usually, this is added to the loan amount and financed, although the option to pay up front is also there. Do not confuse an origination fee from a lender with the funding fee of a VA loan as they are two different things.
0 votes Thank Flag Link Tue Sep 3, 2013
I'm confused about (1%) orgination fee, then discount points (-1%).
Flag Tue Sep 3, 2013
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