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Monday, May 14, 2007

VA Financing

Veteran Affairs loan programs
VA Financing.
The maximum loan with no money down is $417,000. This IS inclusive of the VA funding fee. Therefore, if the sales price is $417,000, and there is no down payment, the borrower would pay the VA funding fee out of pocket.

To determine a maximum sales price to allow your borrower to finance his/her VA funding fee, use this example: 1st time user, with zero down, funding fee is 2.15%; max loan is $417,000--- $417,000 X 97.85 = $408,034= max sales price to finance VA funding fee.

$408,034 + 2.15 VA funding fee of $8772 (.73 paid out of pocket)= loan amount of $416,806. Subsequent use VA funding fee is 3.3%.

All users with a down payment, funding fee is as follows: 5% down =1.5%, 10% or more =1.25%.

Preferred Mortage- Bobbi Dickerson

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