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  #21  
Old 12 June 2019, 00:06
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wildman43 wildman43 is offline
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Originally Posted by Steve40th View Post
Yes, Loan was 12/7/2012 closed. I retired 10/31/2012 and was declared disabled via VA December 2012..
PM sent to with a question
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  #22  
Old 17 June 2019, 12:58
RangerJurena RangerJurena is offline
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Originally Posted by Steve40th View Post
Where was it shown on your HUD paperwork? Just curious as mine doesnt show it, as Funding Fee. But, I have mortgage insurance on my paperwork, but under loan terms it isnt added in. But in the paperwork, under items required to be paid by Lender in advance, they have that mortgage insurance premium going straight to the VA..
VA loans dont have mortgage insurance..
Other than that, I cant find the funding fee of 3.3% within paperwork.
This would be known as the origination fee that you are looking for.

VA loans as you mentioned have no mortgage insurance, so if you paid that, there is an issue there as well.
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  #23  
Old 17 June 2019, 14:02
Stretch Stretch is offline
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Originally Posted by RangerJurena View Post
This would be known as the origination fee that you are looking for.

VA loans as you mentioned have no mortgage insurance, so if you paid that, there is an issue there as well.
Ive been able to put down enough money to not have to pay Mortgage Insurance. Are VA loans supposed to cover that insurance?

The origination fee, at least on the civie side, is some sort of processing fee.
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  #24  
Old 17 June 2019, 14:49
Steve40th Steve40th is offline
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I have an "origination charge" of zero dollars.
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  #25  
Old 17 June 2019, 15:58
RangerJurena RangerJurena is offline
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Originally Posted by Steve40th View Post
I have an "origination charge" of zero dollars.
Then it seems your good.
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  #26  
Old 17 June 2019, 16:05
Steve40th Steve40th is offline
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Then it seems your good.
Yep. Still need to figure out the mortgage insurance they charged me..
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  #27  
Old 11 October 2019, 12:18
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Hmmm. I just got a nice chunk deposited into my account this morning (still shows pending) from the Treasury Department. I wonder if that is what this is.

I took my VA loan in 2010 though, and got my rating in 2013. Anyone else get something back from this?
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  #28  
Old 11 October 2019, 12:58
Steve40th Steve40th is offline
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Mine was on the HUD paperwork as VA mortgage insurance or something like that. I got mine back too. If you look at HUD, the dollar amount you got is exactly thr amount somewhere in the HUD paperwork.
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  #29  
Old 11 October 2019, 13:00
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Originally Posted by Steve40th View Post
Mine was on the HUD paperwork as VA mortgage insurance or something like that. I got mine back too. If you look at HUD, the dollar amount you got is exactly thr amount somewhere in the HUD paperwork.
Thanks. I'll have to dig out my paperwork and take a look.
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  #30  
Old 11 October 2019, 15:28
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I am closing on my VA refinance and my funding fee of 10% was waived. FWIW, I am at 60%. FYI as of 15 October, the VA will only allows you to take 90% of the total value of the home. This reduced my proceeds from the loan by quite a bit, at the last minute.
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  #31  
Old 11 October 2019, 15:38
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Originally Posted by AZ5326 View Post
Hmmm. I just got a nice chunk deposited into my account this morning (still shows pending) from the Treasury Department. I wonder if that is what this is.

I took my VA loan in 2010 though, and got my rating in 2013. Anyone else get something back from this?
I got seven thousand and change deposited in my account by the USG a month or so ago. Seems valid to me.
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  #32  
Old 11 October 2019, 15:58
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Originally Posted by Gray Rhyno View Post
I got seven thousand and change deposited in my account by the USG a month or so ago. Seems valid to me.
Good to know!
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  #33  
Old 12 October 2019, 07:13
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B 2/75 B 2/75 is offline
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Originally Posted by Gsniper View Post
I'm pretty much past expecting the VA to do anything correctly. Let me look around and see if I can find Gavin's shocked face.
Amen to that, brother. We wanted to finally use our VA home loan on the toes up house we built in '14. VA appraiser came out and did the appraisal to convert from construction loan to VA home loan.

His appraisal was $125K LESS than the cost of construction. Totally incompetent and FUBAR. We had to get a second, this time conventional, appraisal to be able to close. The VA can eat a bag of dicks.
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  #34  
Old 12 October 2019, 07:17
Steve40th Steve40th is offline
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With all that money they took, imagine the investment growth that could have been applied , If we had this money for a few years in the market..
Thanks Uncle Sammy
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  #35  
Old 12 October 2019, 23:21
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Originally Posted by Stretch View Post
Ive been able to put down enough money to not have to pay Mortgage Insurance. Are VA loans supposed to cover that insurance?

The origination fee, at least on the civie side, is some sort of processing fee.
VA loans do not need mortgage insurance, the VA guarantees the load if you do not pay. Ergo, no need for insurance.
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  #36  
Old 12 October 2019, 23:24
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Originally Posted by Steve40th View Post
I need to ask my wife about this, as she is a realtor. When I refinanced and bought they didnt even ask. Hmm
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Originally Posted by Steve40th View Post
Not sure how it works yet , but wife said its between 4 to 7k on average here charleston area, at least what she has dealt with.
I believe the first use of a VA loan does not require a funding fee. After that it is 10%. I saved $30k by not paying this fee in my refi.
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  #37  
Old 13 October 2019, 11:21
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Buaya Darat Buaya Darat is offline
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Originally Posted by The Fat Guy View Post
I believe the first use of a VA loan does not require a funding fee. After that it is 10%. I saved $30k by not paying this fee in my refi.
We're going through the process now - I'm still active duty and have used my eligibility once; my wife is separated, has not used her eligibility but is not yet VA rated.

The funding fee varies based upon the amount of down payment and first or subsequent use, assuming no disability rating and active duty service:

0-4.9% down - 2.1% first use; 3.3% subsequent use
5-9.9% down - 1.5% every use
10%+ down - 1.25% every use

Obviously this is for a purchase; I'm not sure what the fees are for a refi.

We're going to try to get VA disability paperwork at least date stamped and submitted before closing in December, hoping we'll be able to recoup the funding fee at a later date to throw at the mortgage principle.
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  #38  
Old 13 October 2019, 21:37
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Quote:
Originally Posted by Buaya Darat View Post
We're going through the process now - I'm still active duty and have used my eligibility once; my wife is separated, has not used her eligibility but is not yet VA rated.

The funding fee varies based upon the amount of down payment and first or subsequent use, assuming no disability rating and active duty service:

0-4.9% down - 2.1% first use; 3.3% subsequent use
5-9.9% down - 1.5% every use
10%+ down - 1.25% every use

Obviously this is for a purchase; I'm not sure what the fees are for a refi.

Apparently they are the same. Here is a chart from nerdwallet. I will look for the letter that says the 10% fee is waved. Maybe the loan officer was misinformed????

We're going to try to get VA disability paperwork at least date stamped and submitted before closing in December, hoping we'll be able to recoup the funding fee at a later date to throw at the mortgage principle.

Here is a graphic from nerdwallet. The first time I used mine was in 1988 but I am not sure if it has changed. I will try and find the email that discusses the 10% being waved.

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Last edited by The Fat Guy; 13 October 2019 at 21:43.
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