This is a YouTube video titled "Good news for VA Buyers! #homeloans #homebuyer #interestrates #firsttimehomebuyer #valoans" containing a single-speaker discussion from February 25, 2023, explaining recent reductions in VA loan funding fees, making VA loans more affordable for veterans who are not disabled.
Good news for home buyers. VA loans also became more affordable this week. So VA doesn't technically have mortgage insurance, but they do have a funding fee. And if you're a disabled vet, you're excluded from this. But for those that are veterans that are not disabled, they do have a funding fee. This is really kind of VA's mortgage insurance. It used to be you had less than 5% down. You had to put 2.3% of your loan amount as a VA funding fee. Now that gets rolled into the loan, but it's still an extra tacked on amount. Take a $300,000 loan amount. That 2.3%, $6,900. The VA slashed that down by 0.15% to 2.155%. Same $300,000 loan is 64.50. That's a $550 savings. VA loans just got more affordable. Run out and tell your friends.
