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St. Petersburg VA Regional Office
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Regional Loan Center - Loan Production Funding Fee Chart
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| Funding Fee Chart | Florida Housing First Time Homebuyer Program
Funding Fee Table
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Old Law |
New Law |
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Expires 12/31/2003 |
01/01/2004-09/30/2004 |
10/01/2006-09/30/2007 |
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Funding Fee % |
Reservist FF % * |
Funding Fee % |
Reservist FF % * |
Funding Fee % |
Reservist FF % * |
| Purchase Loan Zero Down (includes HARMS) |
2% |
2.75% |
2.2% |
2.4% |
2.15% |
2.4% |
| Subsequent Loan (incl. HARMS) |
3% |
3% |
3.3% |
3.3% |
3.35% |
3.35% |
| 5% Down (includes HARMS) |
1.5% |
2.25% |
1.5% |
1.75% |
1.5% |
1.75% |
| 10% Down (includes HARMS) |
1.25% |
2% |
1.25% |
1.5% |
1.25% |
1.5% |
| IRRRL |
0.5% |
0.5% |
0.5% |
0.5% |
0.5% |
0.5% |
| NADLP |
1.25% |
1.25% |
1.25% |
1.25% |
1.25% |
1.25% |
| Assumption |
0.5% |
0.5% |
0.5% |
0.5% |
0.5% |
0.5% |
The law provides permanent authority for housing loans
for persons qualifying based on service in the Selected Reserve. Previously,
eligibility for this group was set to expire on September 30, 2009.
*If the person is a reservist called to active duty, AND through that
service, they qualify as an active duty person or a veteran of active duty
service, the lower % applies.
Here's an example: Joe Smith is currently a reservist and has been in the
reserves for 10 years (so he would easily meet the service requirements to
qualify for VA Home Loan Benefits as a reservist). His unit is called up in
support of Operation Enduring Freedom, and he is sent to Iraq, where he
serves for 12 months, the full period that he was called to active duty.
Once Joe has been on active duty in Iraq for more than 90 days, he would be
eligible for benefits as an active duty serviceman.
When Joe returns to civilian life, that service (the 12 months of active
duty) could be counted and qualify him for the lower funding fee, as a
veteran of active duty military service.
One point to remember: Joe must serve 24 months, or the full period that he
was called to active duty (unless discharged earlier due to a service
connected disability), to be considered a veteran of active duty when he
returns to civilian life. In this example, 12 months was "the full period
called to active duty." This means he would qualify for the lower funding
fee.
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| Reviewed/Updated Date:
March 03, 2008 |
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