About Miami's 8.5 Sq. Mi. Area

VA Funding Fee for VA Loans, Miami Florida

For VA guaranteed home loans, the borrower must pay the VA Funding Fee (exemptions further down). A borrowing veteran will be given the option of paying this fee at closing or financing into their VA loan. Although a VA loan provides veterans a no-money-down benefit, the VA Funding Fee acts as a contribution toward the cost of this unique benefit.

For first time veteran borrowers looking for 100% financing, the VA Funding Fee is currently at 2.15% of the loan amount while second-time users who don't want to make a down payment are asked to pay 3.3% of the loan amount for their VA Funding Fee. Why are second-timers asked to pay more for their VA Funding Fee? It's pretty simple, these veterans have already taken advantage of a VA loan benefit in the past and in theory have had more time to save money to use towards a down payment.

Another important aspect of the VA Funding Fee is the fact that the VA Funding Fee can vary depending on the type of service rendered and whether the loan is a purchase, a streamline refinance (IRRRL), or simply a cash-out transaction. The following charts show the details and amount required to pay by the VA for the VA Funding Fee.

Cash-Out Refinancing Loans

* The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan.

Although almost all veteran home buyers pay the VA Funding Fee, there are some exceptions that would make a veteran exempt from the VA Funding Fee:

• Veterans with service-related disabilities who are receiving VA compensation

• Veterans with service-related disabilities who did not receive retirement pay but are entitled to receive compensation
• Surviving spouses of veterans who died while rendering service or from any service-related disabilities

Please view our latest VA Loan Testimonial from Miami Florida

VA Loan Credit Score Requirements, Miami Florida, can be more lenient than conventional mortgage programs, but there are still VA Loan credit score requirements in order to be approved for a VA loan. Most banks require a minimum 620 middle credit score from the three major credit bureaus, however we can close loans down to a 600 middle score nationwide for our veterans. If you know your credit scores to be higher you are in a prime position to start your VA Loan Application. If you know your scores to be lower we are here to help.

• Collections
• Late payments
• Judgments

VA Loan Credit Score Requirements for Bankruptcy.

Bankruptcy does not immidiately disqualify a veteran borrower. The general rule of thumb is the bankruptcy must be discharged at least for two years if it is a chapter 7. Chapter 13 has slightly different conditions and must be viewed on a case per case basis.

VA Loan Credit Score Requirements for Foreclosure.