Most people are already aware that one of the perks of using a VA loan is the zero down payment for homes that are under the loan limits provided for your specific county.  However, another perk is becoming exempt from paying the Funding Fee if you have a service-connected disability rating. The funding fee is 2.15% on the loan amount.  For example if a veteran is taking out a $300,000 mortgage the funding fee would come out to $6,400. The money received for a disability rating can also be counted towards a veteran’s income.  The extra money provided each month can mean the difference between being approved for a mortgage loan.

Attached is a table of the new Disability ratings for 2018 for Veterans with disability ratings of 10% or higher:

Without Children:

Disability Rating: 30-60%
Disability Rating: 70-100%

With Children:

Disability Rating: 30-60%
Disability Rating: 70-100%

 

10% – 20% (With or Without Dependents)

Percentage

Rate

10% $136.24
20% $269.30

 

30% – 60% Without Children

Dependent Status

30% 40% 50%

60%

Veteran Alone $417.15 $600.90 $855.41 $1,083.52
Veteran with Spouse Only $466.11 $667.20 $938.03 $1,182.46
Veteran with Spouse and One Parent $505.89 $720.24 $1,004.33 $1,262.02
Veteran with Spouse and Two Parents $545.67 $773.28 $1,070.63 $1,341.58
Veteran with One Parent $456.93 $653.94 $921.71 $1,163.08
Veteran with Two Parents $496.71 $706.98 $988.01 $1,242.64

 

70% – 100% Without Children

Dependent Status

70% 80% 90%

100%

Veteran Alone $1,365.48 $1,587.25 $1,783.68 $2,973.86
Veteran with Spouse Only $1,480.74 $1,719.85 $1,932.60 $3,139.67
Veteran with Spouse and One Parent $1,573.56 $1,825.93 $2,051.94 $3,272.73
Veteran with Spouse and Two Parents $1,666.38 $1,932.01 $2,171.28 $3,405.79
Veteran with One Parent $1,458.30 $1,693.33 $1,903.02 $3,106.92
Veteran with Two Parents $1,551.12 $1,799.41 $2,022.36 $3,239.99

 

30% – 60% With Children

Dependent Status

30% 40% 50%

60%

Veteran with Spouse and Child $507.93 $716.16 $998.21 $1,255.39
Veteran with Child Only $449.79 $644.76 $910.49 $1,149.81
Veteran with Spouse, One Parent and Child $542.61 $769.20 $1,064.51 $1,334.44
Veteran with Spouse, Two Parents and Child $582.39 $822.24 $1,130.61 $1,414.00
Veteran with One Parent and Child $489.57 $697.80 $976.79 $1,299.38
Veteran with Two Parents and Child $529.35 $750.84 $1,043.09 $1,308.93
Add for Each Additional Child Under Age 18 $24.00 $34.00 $41.00 $49.00

 

70% – 100% With Children

Dependent Status

70%

80% 90%

100%

Veteran with Spouse and Child $1,565.40 $1,816.76 $2,041.74 $3,261.10
Veteran with Child Only $1,443.00 $1,674.97 $1,882.62 $3,084.76
Veteran with Spouse, One Parent and Child $1,658.22 $1,822.83 $2,161.08 $3,394.16
Veteran with Spouse, Two Parents and Child $1,751.04 $2,028.31 $2,280.42 $3,527.22
Veteran with One Parent and Child $1,535.82 $1,781.05 $2,001.96 $3,217.81
Veteran with Two Parents and Child $1,628.74 $1,887.13 $2,121.30 $3,350.87
Add for Each Additional Child Under Age 18 $57.00 $65.00 $73.00 $82.36

 

The Chapman Lending Team at HomeBridge Financial is honored to help many veterans utilize their VA home loan benefit each and every year.  Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.

Semper Fi, Dan Chapman CAPT, USMC (vet)

ChapmanTeam@HomeBridge.com          Call (760) 456-7139

Get a Free Rate Quote  –  Start an Online Application

 

VA Loan Specialists

 

Related Articles

Renovation loans: what can they be used for? A renovation loan is an excellent option for homeowners who want to change up their living space with a few improvements, whether big or small. It provides low-interest funding compared to credit cards, which carry an average 15.91% interest rate. When compared…
Read More of the post RENOVATION LOANS: WHAT CAN THEY BE USED FOR?

USING GIFT FUNDS TO BUY A HOME For many homebuyers, gift funds are a needed boost to help them cover the necessary down payment on their dream home. Although it’s common practice to receive these financial gifts from friends and family, there are still many guidelines you should consider before…
Read More of the post USING GIFT FUNDS TO BUY A HOME

  2022 VA Loan Limits have increased The Department of Veterans Affairs (VA) increased 2022 loan limits for potential VA homebuyers across the country! This means that active and retired military service members and their families now have even more purchasing power when shopping for their dream home. In some…
Read More of the post 2022 VA LOAN LIMITS HAVE INCREASED

Chapman Lending Team at HomeBridge Financial I'm inviting you to join me in "PROUD to Walk," the inaugural charity event hosted by The Navy Marine Corps P.R.O.U.D. Foundation from May 15 to May 23, 2021. Every year I've been a proud sponsor of "PROUD to Walk," and I'm happy to…
Read More of the post JOIN ME AS I SUPPORT “PROUD TO WALK” FOR THOSE WHO SERVE