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Changes Coming to VA Funding Fees: What You Need to Know
Changes Coming to VA Funding Fees: What You Need to Know
Are you a veteran or service member in Colorado Springs looking to buy or refinance a home using a VA Home Loan? Pay attention to the changes coming to VA funding fees on April 7th, 2023. These changes could affect the amount you pay in funding fees, so it’s important to know before you apply for a VA Home Loan.
What is a VA Funding Fee?
Veterans and service members pay a one-time VA funding fee to offset the costs of the VA loan program. You can roll the funding fee into the loan amount, which increases the overall cost of your loan.
Changes to VA Funding Fees
The funding fee for a first-time VA loan borrower is currently 2.3% of the loan amount for most borrowers. For subsequent use, the fee increases to 3.6% for most borrowers. However, starting April 7th, 2023, these rates will change.
What Do These Changes Mean for You?
If you’re a first-time borrower or looking to refinance, these changes could mean significant savings on your VA funding fee. However, if you’re a subsequent user, you may still see an increase in the funding fee, even with the reduced rates.
These changes apply only to VA loans that are closed on or after April 7th, 2023. If you’re planning to buy or refinance before then, you’ll still be subject to the current funding fee rates.
Why Work with 719 Lending for Your VA Home Loan?
At 719 Lending, we specialize in VA Home Loans and are dedicated to helping veterans and service members achieve their dreams of homeownership. We understand the importance of proper guidance and support throughout the real estate process, and our experienced loan officers can help you navigate the VA loan process with ease.
Whether you’re a first-time borrower or a subsequent user, we can help you find the best VA Home Loan for your needs and budget. With our personalized service and competitive rates, you can trust us to help you achieve your real estate goals.
Conclusion
The changes coming to VA funding fees on April 7th, 2023, could mean significant savings for some borrowers and increased costs for others. If you’re a veteran or service member planning to use a VA Home Loan, talk to your lender about how these changes could affect you.
If you’re looking for a trusted partner in the VA loan process, look no further than 719 Lending. Contact us today to learn more about our VA Home Loan options and start your journey towards homeownership.
For more information on VA Home Loans, eligibility requirements, and home buying tips in Colorado Springs, check out these helpful resources:
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