How VA Determines Funding Fee Cost?

Eligible veterans and other homebuyers who were able to obtain a Certificate of Eligibility or COE may start using their VA home loan benefits, especially this year that they can apply for a higher loan amount to buy their dream home. Without the need of putting a down payment and with no mortgage insurance requirements are, by far, the most significant advantages of taking out a VA loan to buy a home. The U.S. Department of Veterans Affairs (VA), however, requires veterans to pay a funding fee.

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Disabled Veterans May Be Entitled to a Refund

Thousands of disabled Veterans who received a VA-backed home loan will soon receive letters notifying them of impending refunds of funding fees that were erroneously charged. The U.S. Department of Veterans Affairs (VA) normally charges such funding fees to Veterans applying for VA-backed home loans. However, an Inspector General audit of the VA identified thousands of instances where disabled veterans qualifying for exempt status being wrongly charged a funding fee.

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