New VA Funding Fee Reduction Helps Our Military Buyers

New VA Funding Fee Reduction Helps Our Military Buyers

Veterans Benefits Administration Circular 26-11-12
Department of Veterans Affairs September 8, 2011
Washington, DC 20420

FUNDING FEE CHANGES EFFECTIVE OCTOBER 1, 2011

1. Purpose: This circular announces changes in funding fees for Department of Veterans Affairs (VA) loans closed on or after October 1, 2011.

2. Fee Changes

a. For loans closed on or after October 1, 2011, the fee for subsequent use loans with less than 5 percent downpayment and subsequent use regular refinance loans will be 2.8 percent for both active duty Service members, Veterans, and persons qualifying based solely on service in the Reserves or National Guard. This change is due to passage of Public Law 112-26, Restoring GI Bill Fairness Act of 2011.

b. Funding fees for loans other than subsequent use will also change for loans closed on or after October 1, 2011. These fee changes were already set to change based on previous legislation. The attached Exhibit A shows the upcoming changes.

c. Funding fees for Interest Rate Reduction Refinancing Loans and Assumptions will not change. They will remain at .50 percent.

3. Possibility of Future Funding Fee Changes: Should Congress pass legislation making additional changes to the funding fee structure, VA will immediately publish a notice on our website and the VA Funding Fee Payment System (FFPS), and soon afterward, issue another Circular. Lenders should closely monitor our website and VA FFPS for information on funding fee changes.

4. Rescission: This circular is automatically rescinded on October 1, 2012.

SOURCE : By Direction of the Under Secretary for Benefits
Michael J. Frueh
Acting Director, Loan Guaranty Service
(LOCAL REPRODUCTION AUTHORIZED)
Distribution: CO: RPC 2021
SS (26A1) FLD: VBAFS, 1 each (Reproduce and distribute based on RPC 2021)

If you would like to take advantage of these changes to purchase a home, contact us at our website!

 

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Columbia,SC EXIT Real Estate Solutions – Jae Kim, Broker

Buying or selling a home or property should be one of the most enjoyable experiences of your life.  Most of the time, it’s the largest investment you will make.  Jae Kim of EXIT Real Estate Solutions in Columbia, SC is your Award Winning Real Estate expert in BlythewoodColumbiaLugoffElginLexingtonIrmo,ChapinCamden,
CayceWest Columbia, and the rest of Greater Columbia.  This is what we do every day. We can simplify the process for you so that you can enjoy the the experience and avoid the pitfalls that often result in stressful transactions.  Call 803-348-3052 today for World-Class, Award- Winning representation.
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About Jae Kim, Broker/Owner - EXIT Real Estate Solutions

Jae Kim is a an expert Realtor®/Broker in the Greater Columbia Area including the cities of Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo, Chapin, West Columbia and more. Jae has in depth knowledge and experience in many large neighborhoods including Lake Carolina, LongCreek Plantation, Crickentree, Wildewood, Woodcreek Farms, Governors Grant, Ascot, Ashford, Chestnut Hill Plantation, and Saluda River Gardens. He can help you find anything you are searching for, including homes, houses, condominiums, lots, land, townhomes, foreclosures, short sales and real estate listings for sale. He also has extensive experience in relocations, military transfers, & investments. Jae Kim is a Georgia Tech graduate in Mechanical Engineering. He worked for 12 years in distribution and manufacturing management with companies like Amazon.com, Target, Mobil Chemical , WR Grace , and QVC. Jae has extensive experience in the real estate industry from past purchases and sales (renovations, foreclosures, short sales, duplexes, quads, apartments, commercial property, resort land, etc...). He leverages his experiences to help his clients and their needs. Jae began his real estate career with Coldwell Banker in Camden,SC. He had his first full year in 2005 (see below). Jae moved to RE/MAX in 2007 and started his team. In 2008, Jae became a broker and his team maintained an average of 40 listings with an average price of $200,000. In 2009, Jae received the prestigious CRS designation, placing him in the top 4% of all real estate sales agents nationwide. In May 2009, EXIT Real Estate Solutions, opened its doors to the public with Jae Kim as the Owner/Broker-in-Charge. Jae has exceeded $40,000,000 in transactions and continues to remain in the top 1% of agents in the Greater Columbia area. Jae was the 2010 Top EXIT Realtor® in Greater Columbia and #3 in the entire state. Jae has just recently opened his second office in Irmo, SC and is excited to continue with this success and grow! Recently, Jae Kim was recognized by The State Newspaper for his sustained success in real estate despite the hard market conditions. Previous clients have been overwhelmed with joy after working with him. Many are shocked how quickly he is able to sell their property, and others are thrilled about how easy and stress-free he makes the process of buying or selling a home. They have appreciated his broad knowledge base along with the endless tips and advice he is able to provide. Additionally, they assert that Jae’s hard work, commitment, and professionalism make him THE Realtor® to work with! In his free time, Jae enjoys spending
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