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

 

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