VA FUNDING FEE CHANGES EFFECTIVE OCTOBER 1, 2011News About-Whidbey Island Real Estate

by gerryoliver on September 16, 2011

in How's The Market, Latest News

FUNDING FEE CHANGES EFFECTIVE OCTOBER 1, 2011Naval War College 9/11 Memorial
1. Purpose: This circular announces changes in funding fees for Department of
Veterans Affairs (VA) loans closed on or after October 1, 2011.
2. Fee Changes
a. For loans closed on or after October 1, 2011, the fee for subsequent use loans with
less than 5 percent downpayment and subsequent use regular refinance loans will be 2.8
percent for both active duty Servicemembers, Veterans, and persons qualifying based
solely on service in the Reserves or National Guard. This change is due to passage of
Public Law 112-26, Restoring GI Bill Fairness Act of 2011.
b. Funding fees for loans other than subsequent use will also change for loans closed
on or after October 1, 2011. These fee changes were already set to change based on
previous legislation. The attached Exhibit A shows the upcoming changes.
c. Funding fees for Interest Rate Reduction Refinancing Loans and Assumptions will
not change. They will remain at .50 percent.
3. Possibility of Future Funding Fee Changes: Should Congress pass legislation
making additional changes to the funding fee structure, VA will immediately publish a
notice on our website and the VA Funding Fee Payment System (FFPS), and soon
afterward, issue another Circular. Lenders should closely monitor our website and VA
FFPS for information on funding fee changes.
4. Rescission: This circular is automatically rescinded on October 1, 2012.

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