Josh Chavez, Mortgage Broker at Expedient Mortgage
This page breaks down exactly how your VA loan benefit works, whether this is your first time using it or your fourth, and what to do next.
The only real difference between a first-time and repeat use is the VA funding fee, a one-time fee that gets rolled into your loan, not paid out of pocket. Here's the current breakdown:
Funding fee applies to the loan amount, not the purchase price. Rates current as of VA's published fee table.
In almost every case, the funding fee gets rolled into your loan balance. You typically don't write a check for it at closing.
If you receive VA compensation for a service-connected disability, are a Purple Heart recipient, or are an eligible surviving spouse, the funding fee is waived entirely. I'll check this for you.
Mortgage Broker · Expedient Mortgage Corporation
I work VA loans often, and I know the program well. Entitlement, COE questions, appraisal timelines, funding fee exemptions, all of it. As a broker I'm not limited to one bank's VA process; I make sure your benefit is used correctly and to your full advantage. One point of contact from this call through closing day.
Takes about 10 minutes. I'll follow up personally once it's in.
This is not a commitment to lend. Not all borrowers will qualify. Equal Housing Opportunity. VA-approved lender; not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. All loans subject to credit approval. Rates, terms, and conditions are subject to change without notice.
REGULATORY DISCLOSURE: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV.