Veterans who were injured while in service are exempt from paying the VA funding fee if they receive disability compensation or have a disability rating of 10% or higher. Surviving spouses of veterans who died in the line of duty also qualify for a funding fee exemption.
As of January 1, 2020, Purple Heart recipients also qualify to receive a VA funding fee exemption when obtaining a VA home loan.
Remember the VA has the last word on who is exempt, and some issues may be dealt with on a case-by-case basis. If you have any doubts, ask your local VA rep to review your service records (or your spouse’s records) to get a determination from the VA.
An FHA loan is popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. Borrowers credit score can be between 500 – 579 if a 10% down payment is made. Contact us today to get the process started!
Read MoreA USDA loan is special type of a zero down payment mortgage that eligible homebuyers in rural and suburban areas can get through the USDA Loan Program and they have great interest rates to go with the. Contact us today to get the process started!
Read MoreThe VA loan allows veterans a great loan option by using their VA benefits and come with 0% down payment and no private mortgage insurance (PMI). Interest rates are typically lower than other mortgage programs and the VA will allow higher debt..
Read More9393 W. 110th Street, Suite 500, Overland Park, KS 66210