VA Funding Fee Exemption
May 17, 2012
|
|
VA Funding Fee Exemption is possible? The government obliges everyone to pay the VA funding fee because it was passed as law to help veterans. The VA funding fee gives first-time buyers of a home the benefit of a no-money down payment. Instead, they will have to pay more than two percent compared to a regular buyer. A second-time buyer on the other hand will also get the same benefit from their service but they will have to pay more than three percent on the loan. But there is VA funding fee exemption for veterans.
The fee is mandated so that the veteran and tax payers can share the burden of providing the mortgage to the soldier. The fee for second-time buyers is higher because it accounts for equity from your previous payments and if you were able to save money to pay for the second purchase. There is also VA funding fee exemption in these cases.
How much is the VA funding fee and what is VA funding fee exemption?
The VA funding fee helps soldiers purchase homes or borrow money from banks. The veterans and the tax payers share the burden of paying for the mortgages and loans. The VA funding fee is computed by the government based on the following factors:
• The status of the applicant in the military if he was injured in combat, rank, and others.
• How much has he or she paid on the mortgage he or she has applied for.
These are factors that can affect the amount that you have to pay for the VA funding but there is VA funding fee exemption that you can apply for.
• There are circumstances that grant veterans VA funding fee exemption. VA funding fee exemption is granted to the soldiers with the following parameters:
• Veterans who have been disabled due to service in the military are granted VA funding fee exemption.
• Soldiers that were approved by the VA to receive compensation through discharge because they were disabled by their injuries.
• Soldiers that were given compensation because of their disabilities and have not received any retirement pay.
• Wives or dependents of soldiers who have died in service or have been disabled and died because of their injuries are also granted VA funding fee exemption.
Before being granted the exemption a veteran must have the right documents to present to the VA office. A VA funding fee refund is given only in specific circumstances such as overpayment and proof of VA funding exemption.
VA Funding Fee Chart 2010
The VA funding fee chart is outlined in the table below:
• First Time Purchase
Down Payment = $0
Rate of Payment = 2.15%
• Second Time Purchase and Additional Purchases
Down Payment = $0
Increased Rate of Payment = 3.30% for active duty soldiers or retired soldiers
VAfunding fee exemption will help you pay for your mortgage and house loans as stated by the chart above.
Now you understand that is VA funding fee exemption
Special Recent Posts
Targetting:
- va funding fee tax deduction
- va funding fee exception
- is a va funding fee deductible on my taxes
- is the va funding fee tax deductible 2012
- taxes and va funding fee
- va funding fee 2012 disabled veterans
- va funding fee percentage is tax deductible for 2012
- are va funding fees tax deductible
- va loan funding fee tax deductible 2011
- va mortgage funding fee deductible 2011
- what can affect the va funding fee
- what is the va funding fee exemptions
- is va funding fee tax deductible for 2012
- is va funding fee tax deductible 2012
- is va funding fee for 2012 tax deductible
- arevafundingfeestaxdeductible
- disabled but pay va funding fee
- fuding fee exemption
- funding fee tax deductible for 2011
- funding fee wavier for vetrans
Comments are closed.