FHA Guaranteed Mortgages
These items apply to both purchase and refinance loans.
| |
| Upfront Funding Fee | 1.75% |
| Monthly Premium | |
| >95% Loan | 1.25% of average yearly balance / 12 |
| <=95% Loan | 1.20% of average yearly balance / 12 |
| Automatic Cancelation | 78% loan to value |
VA Guaranteed Mortgages
Below are tables for VA upfront funding fees. There is no monthly insurance premium for VA guaranteed loans. Also, some veterans who are on disability may qualify for a waived funding fee.
Purchase
| Type of Veteran |
Downpayment |
1st Time Use |
Subsequent Use |
| Regular Military |
None |
2.15% |
3.30% |
|
5% to 10% |
1.50% |
1.50% |
|
10% or More |
1.25% |
1.25% |
| Reserves / National Guard |
None |
2.40% |
3.30% |
|
5% to 10% |
1.75% |
1.75% |
|
10% or More |
1.50% |
1.50% |
Cash Out Refinance
| Type of Veteran |
|
1st Time Use |
Subsequent Use |
| Regular Military |
|
2.15% |
3.30% |
| Reserves / National Guard |
|
2.40% |
3.30% |
Interest Rate Reduction Refinance
| Type of Veteran |
|
1st Time Use |
Subsequent Use |
| All |
|
0.50% |
0.50% |
|
