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Oct 04

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Changes to VA Funding Fee On Hold For Now

Categories:

Down Payment Assistance, Down Payment Options, Market Analysis, Mortgage Credit Certificates, Mortgage Qualification Tips & Programs, State Bond Loans (WA), VA Loans

by Tom Pessemier

October 4, 2011

Hello everyone! As announced by the Veteran’s Administration (VA) in September (and as referenced in my last post), the VA Funding Fee was to decrease substantially on 10-1-11.

As of today – Public Law 112-026 (Restoring GI Bill Fairness Act of 2011) has NOT been signed by the President.

We have spoken with the VA, and they advise us to close our VA loans using the old funding fee schedule until further notice.

I’ll keep you posted if and/or when this important legislation gets signed by the President.

Veterans and Active Duty Military friends and family members – I’m pulling for you. Please contact me if you have any questions in the meantime.

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  • Mary Ann Silcio

    My husband is a Navy Veteran. We are closing on Oct. 11, 2011. If the bill isn’t signed before we go to closing on Tuesady, will we get the money back once the bill is signed. We are being told no, that the bill has to be signed before we go to closing to get the lower rate at all. Even though it will be effective on Oct 1st. Is this true?

    Losing $2200.00

  • http://www.PessemierFinancial.com Tom Pessemier

    Hi Mary Ann. Unfortunately, the VA funding fee reduction never happened – as was scheduled on 10-1-2011. I recently spoke with the VA Regional Loan Center in Denver. The person I spoke with confirmed that the information on the VA website had not been updated. The VA funding fee reduction appears to be off the shelf for now. I wish it wasn’t the case…Veterans and active duty military families like yours deserve this reduction. VA loans are among the best performing mortgage loans in the country, and a reduction would have been the right thing to do in my opinion. Many thanks to you and your family for your service to our country; and I hope your new home is a place of happiness and joy for years to come.