VA Home Loans and How They Apply To You

Randy Luke – NMLS LO# 77184
WA State MLO# MB1468332

VA home loans are more accessible than many people think. Whether you are active military, retired, done with your tour of duty, or on disability and looking at your home loan questions: we can help you find a solution. Call Randy Luke to learn how to apply for a VA home loan.

Veterans applying to purchase or refinance a home using their VA Certificate of Eligibility must pay a VA Funding Fee unless they have a VA Disability Rating of any kind…even as low as 10%.  This can save those veterans thousands of dollars.

The VA Funding Fee is required on all VA loans and is used to offset losses lenders suffer from VA loans that default and result in foreclosure.

The fees can differ depending on the type of service (Regular Military vs Reserves and National Guard), whether it is a purchase or refinance, and whether it is first-time use or subsequent use.  The fee can vary from as little as .50% of the loan for a simple rate and term VA refinance (IRRL), or 3.3% for a subsequent use for a purchase with zero down.

Example:   A veteran plans to use his VA Certificate for a 2nd time to purchase a new

home with zero down for $ 300,000.  The VA funding Fee would be 3.3% or

$ 9,900.  The total new loan would be for $ 309,900.

Remember, if the Veteran has any kind of VA Disability Rating, he is EXEMPT from having the VA Funding Fee added to the loan.

Also, in Thurston County, Washington, if the Veteran has a 100% VA Disability Rating, he is also EXEMPT from paying all property taxes.


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