If you’re taking out a VA loan to pay for a home, whether it’s a large farm in North Florida or you’re looking for non-deed restricted land for sale in Lake City or Live Oak, you’ll have to know about the VA funding fee. But what is it, and how much is it going to cost you?
What is a VA Funding Fee?
The VA funding fee only applies to loans backed by the Veterans Administration, or VA. If you’re not using a VA loan—one that’s only available to current and former members of the U.S. Armed Forces and a handful of their dependents—you don’t need to worry about the VA funding fee.
The VA funding fee is a percentage of the loan amount that the VA charges everyone who borrows under the home loan program. The fee is dependent on how much money you put down, your service type, and whether it’s the first time you’ve used your VA loan benefit.
You can either finance the VA funding fee into your loan or pay for it up-front, at closing. It’s a good idea to talk to your lender about the funding fee and find out what will work best for you.
Are You Buying a Home in Lake City or the Surrounding Communities?
We’d love to help you find your dream home here. Call us at 386-243-0124 or get in touch with us online to let us know what you’re looking for so we can start searching right away.
In the meantime, take some time to explore:
- Waterfront Residential
- Waterfront Land
- Bank Owned & Foreclosures
- Short Sales
- Paved Road Frontage
- Non-Deed Restricted Land
- Wooded Oak Tree Land
- Land for Land Home Combo
