Monday, October 17, 2016

Chicago VA Loans and the VA Funding Fee: Who is Exempt?

Posted by: Ryan Dudley, Loan Officer, U.S Army Veteran (SGT.)

The information below is from the VA Lender’s Handbook clarifying who is exempt from paying the VA Funding Fee when applying for a VA Mortgage. The following persons are exempt from paying the funding fee...

  • Veterans receiving VA compensation for service-connected disabilities
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay
  • Veterans who are rated by VA as eligible to receive compensation as a result of pre-discharge disability examination and rating, or on the basis of a pre-discharge review of existing medical evidence (including service medical and treatment records) that results in issuance of a memorandum rating
  • Veterans entitled to receive compensation but are not presently collecting because they are on active duty
  • Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouse are veterans with their own entitlement and whether or not they are using their own entitlement on the loan)

The VA mortgage program is the best loan available on the market and is available to qualified veterans or surviving spouses. The loan does not require a down payment, has no monthly mortgage insurance, and offers low interest rates. 

Need help?  We’re Chicago VA mortgage pros and can guide you every step of the way. Contact us here or call 708.531.9060.

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