We have a VA loan, but because one of us has a 60% service related disability, the funding fee was waived (in TX). We have PCS orders and are looking for a new home in the NCR. We are being told for this second loan, the funding fee cannot be waived because it was "used up" by the first loan. Does this sound correct?
Thank you in advance!
VA funding fee disability waiver on second loan?
byu/bang_bang__ inMilitaryFinance
Posted by bang_bang__
2 Comments
Yes, this is absolutely correct.
Also trust me lenders are incentivized to in offer you every exemption they can from VA fees, property taxes, or anything that they do not get to keep so that they can quote you a lower number. Nothing fishy about them saying you are not eligible for X exemption or benefit.
No, that’s bullshit. You have a limited amount that the VA will guarantee…about 750K I think. Once you reach that you have to make it up with a down payment. The funding fee has nothing to do with this. GET A NEW LENDER.