Kentucky VA Funding Fee Information for National Guard, Reserves, Regular Military, Retired, Active Duty in Kentucky for 2012

Active-duty double amputee inspires troops in ...

Active-duty double amputee inspires troops in Europe (Photo credit: heraldpost)

Kentucky VA Funding Fee Information

In order for VA to guarantee the home loan, there is a closing cost assessed by the VA to originate the loan called a funding fee. This fee will vary, depending upon the type of Kentucky  VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.

Current Funding Fee Charts for Kentucky VA Guaranteed Loans:

First Time Use, Purchase & Construction Loans

Down Payment Amount Veteran/Active Duty Reservist/National Guard
Less than 5%* 2.15% 2.40%
5% to 9.99% 1.50% 1.75%
10% or more 1.25% 1.50%

*Includes “Cash-out” Refinancing Loans

Second Time Use, Purchase & Construction Loans

Down Payment Amount Veteran/Active Duty Reservist/National Guard
Less than 5%* 3.30% 3.30%
5% to 9.99% 1.50% 1.75%
10% or more 1.25% 1.50%

*Includes “Cash-out” Refinancing Loans

Streamline Refinance / Interest Rate Reduction Loan (IRRL)

VA Backed Usage Veteran/Active Duty Reservist/National Guard
First time use 0.50% 0.50%
Second time use 0.50% 0.50%
Assumptions 0.50% 0.50%
Service-connected Veterans 0.00% N/A

Read more: http://mylouisvillekentuckymortgage.com

A Funding Fee Changes Effective October 1, 2011
Vets and Reserves/National Guard will get a significant benefit October 1st. Check the chart below to see how much they’ll save in fees. We hope this helps you help our military folks become homeowners!
If you have any questions about this or a specific situation, please don’t hesitate to email or call.
VA Funding Fee Charts
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2 thoughts on “Kentucky VA Funding Fee Information for National Guard, Reserves, Regular Military, Retired, Active Duty in Kentucky for 2012

  1. Pingback: Your Questions About Mortgage Loan Officer

  2. Good thing that the government also looks for the benefit of their veterans. It is not easy to give yourself for the country and leave your family. This is a great thanksgiving of the government to our veterans, reserves and national guard. They really deserve to have a VA refinance for their homes.

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