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Refinance2019 VA Funding Fee Chart
VA loans are awesome, but they come with a catch...
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VA funding fees were changed beginning January 1, 2020.
VA loans exist so veterans and those dedicated to protecting our country can easier purchase a new home. VA loans do not require a down payment and do so without the existence of monthly mortgage insurance (AKA "MI" or "PMI"). To keep the VA program running smoothly VA loans carry a funding fee.
The funding fee percentage from the chart below is multiplied by and then added to your VA loan amount. Our VA loan calculator calculates the applicable VA funding fee while accounting for disability, down payment, reservist, and/or subsequent use.
VA Funding Fees
*If you receive service related disability, the VA funding fee is typically waived. Otherwise, the following rates apply.
Purchase
| VA loans with less than 5% down payments: | |
|---|---|
| First VA Loan - non-reservist | 2.15% |
| First VA Loan - reservist | 2.40% |
| Subsequent use VA | 3.30% |
| VA loans with 5% to 9.99% down payments: | |
| Non-reservist | 1.50% |
| Reservist | 1.75% |
| VA loans with 10% or greater down payments: | |
| Non-reservist | 1.25% |
| Reservist | 1.50% |
Refinance
| Interest Rate Reduction Refinance Loans (IRRRL) | |
|---|---|
| IRRRL | 0.50% |
| VA cash-out refinance (all non-IRRRL refinances) | |
| First VA Loan - non-reservist | 2.15% |
| First VA Loan - reservist | 2.40% |
| Subsequent use VA | 3.30% |
All VA refinance loans that are not Interest Rate Reduction Refinance Loans (IRRRL) are considered cash-out refinances.
Unlike VA purchase loans, there are no loan-to-value discounts on VA refinances.
*The VA funding fee is added to your base loan amount. It is not something you typically pay out of pocket at closing.
The percentages from the chart are multiplied by your base VA loan amount. If you are a non-reservist, have never had a VA loan, and are buying a $200,000 home with no down payment, your funding fee is $4,300 (2.15% x $200,000). $4,300 is added to your $200,000 base loan amount for a total loan amount of $204,300.
VA Funding Fee Exemption
Veterans with service related disability of 10% or more are typically exempt from the VA funding fee. Your certificate of eligibility (COE) (obtained by your lender) will state your exempt status.
VA Loan Calculator VA Cash-out Refinance VA IRRRL Calculator VA Entitlement Calculator