VA funding fee changes for all loans closing on or after January 1, 2020.
VA funding fee increase
Effective for all loans closing on or after January 1, 2020, the following VA Funding Fee Schedule will be required. The Funding Fees will apply to all categories of Veterans including Active Duty, Regular Military, Reserves and National Guard.
Loans closing prior to January 1, 2020, regardless of when the loan is disbursed or the loan guarantee certificate is issued, are subject to the current schedule of VA Funding Fees.
NewRez associates and clients are reminded to review all VA pipeline loans for compliance with the above Funding Fee schedules.
active-duty purple heart recipients
Effective for all loans closing on or after January 1, 2020, eligibility for the exemption from paying the Funding Fee has been extended to active duty service members who are in receipt of the Purple Heart Award. The Certificate of Eligibility (COE) for these eligible veterans must indicate the following three qualifying conditions; Active Duty Status, Purple Heart Recipient and Funding fee exemption eligibility status prior to closing.
NewRez associates and clients will be expected to help eligible Veterans process their COE to indicate these conditions by uploading evidence, such as copies of the Purple Heat Certificate, DD214 or Military Orders to WebLGY for VA review and issuance of the final COE.
Please reference the VA Product Profile for full details.