I have a question about VA Home Loans

iVillage Member
Registered: 09-25-2003
I have a question about VA Home Loans
51
Wed, 02-04-2004 - 11:15pm

DH has said he'd like me to look into a VA Home Loan that we would use to purchase the home we're currently renting.

Virgo
 
iVillage Member
Registered: 03-26-2003
Thu, 02-12-2004 - 9:13am
But not every veteran has to pay the funding fee. We never have.
iVillage Member
Registered: 03-27-2003
Sat, 02-14-2004 - 8:20am
Yes, the veteran pays the funding fee. I do mortgage loans for a living. The vet ALWAYS pays the funding fee.
iVillage Member
Registered: 03-27-2003
Sat, 02-14-2004 - 8:24am
http://www.homeloans.va.gov/new.htm

Click on the fundings fees (just changed this month) to see the amounts.

iVillage Member
Registered: 03-26-2003
Sat, 02-14-2004 - 10:35am
The *fee* changed, not the exemptions. We're exempt from the funding fee and always have been.
iVillage Member
Registered: 03-26-2003
Sat, 02-14-2004 - 10:37am
then you should take a refresher course, because there are and always have been exemptions to that. Disabled vets DO NOT pay the funding fee. never have. Still don't.

My ex has a disability gained while on active service and based on that disability we DON'T pay the funding fee and never have.

iVillage Member
Registered: 03-26-2003
Sat, 02-14-2004 - 12:55pm
Then you left out a very important piece of the debate. You just said that you never had to pay a funding fee you never mentioned that there was a specific reason for it.

And your second paragrph is a little off "My ex has a disability gained while on active service and based on that disability we DON'T pay". No, based on that disability your ex does not pay a funding fee, his disability has no effect on you having to pay a funding fee on a VA loan. Unless you have a rated disability of your own then you would have to pay a funding fee.

iVillage Member
Registered: 03-27-2003
Sat, 02-14-2004 - 1:11pm
I don't need a refresher course as I approve and deny VA loans all day long. I said that the veteran pays this, I did not say a disabled veteran pays the funding fee. Excuse me if I didnt go into every single situation with regard to VA loans. I was responding to a post from a person that's dh is not disabled.
iVillage Member
Registered: 12-12-2002
Sat, 02-14-2004 - 1:15pm

cool!

Okmrsmommy-36, CPmom to DD-16 and DS-14

iVillage Member
Registered: 12-12-2002
Sat, 02-14-2004 - 1:20pm

Not to defend Hank-n-indys-mom or anything ;-)

Okmrsmommy-36, CPmom to DD-16 and DS-14

iVillage Member
Registered: 03-26-2003
Sat, 02-14-2004 - 1:25pm
Then it would have made sense to add what the exceptions were to the debate.

That is something that often happens here. A person only gives out partial information and then jumps on the other person for being wrong in their reply. But the other person is basing their debate on what they have been told not having the full story.

If she would have said that not everyone pays a funding fee, we did not have to pay one because my ex is a disabled vet then that would have saved a lot of back and forth bickering.


Edited 2/14/2004 2:10:03 PM ET by texigan