Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in Hixson : Real Estate Advice

  • All18
  • Local Info0
  • Home Buying5
  • Home Selling1
  • Market Conditions1

Activity 7
Thu May 14, 2015
Joannairise answered:
Part of the cost of purchasing a home with a VA guaranteed home loan is the payment of a VA loan funding fee. Some borrowers are exempt from the funding fee--the Department of Veterans Affairs exempts veterans who receive or are eligible to receive VA compensation for service-related medical conditions.

This is good news for qualified VA borrowers who are exempt from the fee, but not all veterans have their exemption status verified at the time of the loan application.

If a vet does not have government-recognized disability status at the time of the loan's closing date, the veteran may be required to pay the funding fee and apply for a refund only when there is official notification that the veteran's disability status has been placed on file by the Department of Veterans Affairs.

If the borrower paid the funding fee in cash, the refund is also returned to the borrower in cash. If the veteran included the VA loan funding fee into the loan amount, VA regulations prohibit getting cash back-the refund is applied to the loan balance instead. Here's the exact wording of the VA loan rule as found in Chapter Eight of the VA Lender's Handbook:

"A refund is appropriate if:
an exempt veteran paid a funding fee, or
a miscalculation of the fee caused an overpayment.
If the veteran was overcharged, the following applies:

A veteran who paid cash for the funding fee receives a cash refund for the amount of the overpayment.

Reference Link: http://valoanguidelines.org/funding-fees-pmi/
... more
2 votes 2 answers Share Flag
Sun Dec 7, 2014
Don Tepper answered:
No, it is not necessary.

However, it's usually advisable. Further, the example you gave doesn't make sense. If the buyer is paying cash, he still needs all of the services that would be provided by a buyer's agent. What the buyer doesn't need is the services of a lender. ... more
0 votes 2 answers Share Flag
Thu Mar 8, 2012
Jackie Bafus answered:
I would suggest asking a local Realtor in your area of a good referral for a loan professional. The loan professional would be able to talk to you about the various loan programs available and which one will fit your needs/goals the best.

Hope this helps!

Jackie
... more
0 votes 2 answers Share Flag
Search Advice
Search
Home Buying in Hixson Zip Codes

Followers

66