VA Loan

[Anonymous]

Do all VA loans have Mortgage Insurance? Since we are not putting 20 percent down, we are required to have this, correct? Am I wrong or do we know of any Mortgage companies who do not require that type of insurance? Thank you in advance!

[CreditInspired]

Hi there

VA loans do not require mortgage insurance. It does have a VA funding fee, however. This is a one-time fee applied to evey VA purchase and refinance loan to help keep the program running for future generations. The funding fee is typically 2.30 percent of the loan amount and can be paid upfront or rolled into the loan amount, making the VA loan a true $0-down option.

Detailed info can be found at https://www.veteransunited.com/valoans/a-closer-look-at-a-key-va-loan-benefit-avoiding-pmi/

GL2U

[jhb]

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@CreditInspired wrote:

Hi there

VA loans do not require mortgage insurance. It does have a VA funding fee, however. This is a one-time fee applied to evey VA purchase and refinance loan to help keep the program running for future generations. The funding fee is typically 2.30 percent of the loan amount and can be paid upfront or rolled into the loan amount, making the VA loan a true $0-down option.

Detailed info can be found at https://www.veteransunited.com/valoans/a-closer-look-at-a-key-va-loan-benefit-avoiding-pmi/

GL2U

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As a veteran with a VA disability rating, I just wanted add more about the VA funding fee for the original poster. If a veteran receives compensation for a service connected rated disability, the veteran does not have to pay a funding fee.

[CreditInspired]

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@jhb wrote:

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@CreditInspired wrote:

Hi there

VA loans do not require mortgage insurance. It does have a VA funding fee, however. This is a one-time fee applied to evey VA purchase and refinance loan to help keep the program running for future generations. The funding fee is typically 2.30 percent of the loan amount and can be paid upfront or rolled into the loan amount, making the VA loan a true $0-down option.

Detailed info can be found at https://www.veteransunited.com/valoans/a-closer-look-at-a-key-va-loan-benefit-avoiding-pmi/

GL2U

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As a veteran with a VA disability rating, I just wanted add more about the VA funding fee for the original poster. If a veteran receives compensation for a service connected rated disability, the veteran does not have to pay a funding fee.

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Thanks jhb for this added benefit. 

[hsfun2019]

Sorry to restart this but I saw something in here about a disability removing the VA Funding.   So if my spouse has a 10% disability and receives a small VA check each month that elimintates the VA Funding Fee?

[VALoanMaster]

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@hsfun2019 wrote:

Sorry to restart this but I saw something in here about a disability removing the VA Funding.   So if my spouse has a 10% disability and receives a small VA check each month that elimintates the VA Funding Fee?

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that is correct.

[hsfun2019]

@VALoanMaster  THank you!  Maybe you can answer this then...

Co-worker said they applied for a loan a their parent who is a qualified vet and received a VA loan.  is that true?  As long as 1 person is eligible for a VA loan they can qualify no matter the relation?  

[VALoanMaster]

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@hsfun2019 wrote:

@VALoanMaster  THank you!  Maybe you can answer this then...

Co-worker said they applied for a loan a their parent who is a qualified vet and received a VA loan.  is that true?  As long as 1 person is eligible for a VA loan they can qualify no matter the relation?  

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Yes and no.

VA does not allow non-occupying co-borrowers so they would have had to live in the house together.

VA does allow a Veteran and non-Veteran to be on a VA loan together but the non-Veteran has to put money down. 

[hsfun2019]

That makes a lot more sense.   I think the parent lives with them.   THank you!

[homeloanexpert]

Just to clarify, a Veteran with a 10% disability rating will have the VA Funding Fee waived. The VA is an awesome loan programs with many unique characteristics. 

Thank you to all of my fellow Veterans for your service to this country.