VA Loan Costs around Fort Lewis in Washington: Down Payment and Funding Fee
Buying a home with a VA home loan in Washington and choosing to place a down payment on the home is a difficult decision. One individual may use their VA home loan in Dupont, feel that paying off the home in the quickest manner is most important to him or her, and decide to put 20% down on the home. Another individual buying in Tacoma may want to hold on to his or her liquid cash and feel comfortable placing no money down on a condo in Tacoma.
Its a tough decision when purchasing a home in Washington but it's ultimately yours to make. In the past, the cost of the funding fee for a VA loan was proportional to the amount you placed in your down payment. For example, at one time if you placed no money down, you paid a funding fee of 2.15%. The funding fee was then tiered and at 10% down in Washington, you paid a 1.5% funding fee. And then putting more than 10% on a home in Washington reduced the funding fee to 1.25%. Contact me if you want current rates.
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This tier also changed if you're a second-time borrower with VA. For example, at one time if you we're buying a home in Lakewood or Tacoma and we're borrowing for the second time from VA, you would have to pay a 3.3% funding fee for no money down.
There are many financial decisions you have to make when buying a home in Washington with VA. For example, you can roll the cost of the funding fee into your loan but then, you would be accruing interest on that fee for the duration of the loans lifetime. All tough decisions and decisions you will work out with your lender. There are several great lenders in Washington and also many who have been helping military members around JBLM for decades.
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Posted in Financial Services Post Date 04/12/2017