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Benefits to Veteran:

No down payment required on loan amounts up to $417,000
No monthly private mortgage insurance
No prepayment penalties
Seller may contribute up to 4% towards Veteran's closing costs and prepaid items
Veteran does not pay "junk fees" as listed by VA

VA Funding Fee:
Although there is no down payment requirement or monthly private mortgage insurance, for a VA home loan, VA charges a funding fee to the Veteran depending on the amount of down payment.

For the Veteran who is a first time homebuyer, with no down payment, the funding fee is 2.15%. For subsequent use, the fee is increased to 3.30%. Veterans have choices of financing the cost into the loan amount, having the seller pay it, or paying the funding fee at closing in cash. Keep in mind that once you have a VA home loan mortgage, when refinancing later, the funding fee is only .50%.

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Purchase And Construction Loans
Type of Veteran	Down Payment	First Time use	Subsequent Use
Regular Military	None 5% or more (up to 10%) 10% or more	2.15% 1.50% 1.25%	3.30% * 1.50% 1.25%
Reserves/ National Guard	None 5% or more (up to 10%) 10% or more	2.40% 1.75% 1.50%	3.30% * 1.75% 1.50%
Cash-Out Refinancing Loans
Type of Veteran	Percentage for First Time Use	Percentage for Subsequent Use
Regular Military	2.15%	3.30% *
Reserves/National Guard	2.40%	3.30% *
Other Types of Loans:
Type of Loan		Percentage for Either Type of Veteran Whether First Time or Subsequent Use
Streamline Refinance/IRRRL (Interest Rate Reduction Refinancing Loans)		.50%
Loan Assumptions		.50%

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