14 April 2008
VA Home Loan Guarantee Program
Posted by VA Loan Pro under: VA loans .
Under certain circumstances you do not have to pay the VA funding fee or can get a discount. The VA Home Loan Guarantee Program is great for veterans who are in the market for a new home. One of the most important questions is: how much do you have to pay to use this benefit? Some people can get a discount, or even have the fee waived entirely depending on your circumstances.
To qualify for a discounted funding fee you must:
• Be a reservist who is eligible for the VA Home Loan Guarantee Program.
• Be currently active. Reservists pay a higher funding fee that active members, and if you are currently active you may be eligible for a discounted fee.
• You must have served the full amount of time that you were called to active duty unless discharged due to a service related injury or disability.
• You can begin using your benefits and discounts after 90 days of active service.
In order to qualify for having the entire funding fee waived you must:
• Be an eligible veteran and be receiving payments or compensation from the VA due to a service related injury or disability.
• Be an eligible veteran who would be receiving service related disability compensation if you were not retired and receiving retirement benefits.
• Be considered or rated as eligible to receive service related disability compensation, even if the payments have not begun yet.
• Be the spouse of a veteran who died from service related disabilities or in active service.
It is important to know that in order to have the funding fee waived or discounted your lender must take the proper steps. Make sure your lender knows that you qualify for the fee waiver or discount so that they can verify your status and give proof of this status to the VA. If you have paid a funding fee to the VA and feel that it was an error and you should have been exempt, then you should contact the VA and your lender. A correction can be made that could get you some or all of the funding fee refunded to you.
For more information on the possible discount or exemption of VA funding fees for the VA Home Loan Guarantee Program go to http://www.warms.vba.va.gov
2 Comments so far...
» VA Home Loan Guarantee Program Says:
14 April 2008 at 5:23 pm.
[…] VA Loan Pro ’s site is fantastic! I thought I’d share the latest post on the site which grabbed my attention: VA Home Loan Guarantee Program […]
Why VA Loans are Easier to Qualify for than Traditional Loans | VA Loan Homes Says:
21 April 2008 at 4:59 pm.
[…] • Their eligibility can be determined within minutes. All a veteran needs to do is go into a VA approved lender and they can determine through the ACE system on the computer if the veteran is eligible to use the VA Home Loan Guarantee Program. […]
