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• All veterans using the VA home loan program must pay a funding fee. Veterans receiving disability compensation are exempt.
• The funding fee can range from 0.5% for Interest Rate Reduction Refinancing Loan (IRRRL) to 3.35% veterans who are subsequent users of the VA home loan program.
• For all VA loans, the funding fee may be paid in cash or included in the loan.

  Other Closing Costs

• Reasonable closing costs may be charged by the lender. These costs may not be included in the loan. The following items may be paid by the veteran purchaser, the seller or shared: VA appraisal, credit report, loan origination fee (usually 1% of the loan); discount points; title search and title insurance; recording fees; state and/or local transfer taxes (if applicable) survey.
• Closing costs may vary amount lenders and also throughout the nation because of differing local laws and customs.
• No commissions, brokerage fees or "buyer broker" fees may be charged to the veteran buyer.

  Interest Rates

• The interest rate on VA loans can be negotiated based on prevailing rates in the mortgage market.
• Once a loan is made, the interest rate set in the note will stay the same for the life of the loan.
• However, if interest rates go down and you still own and occupy (or previously occupied) the property securing a previous VA loan, you may apply for a new VA loan to refinance the previous loan at a lower interest rate without using any additional entitlement.

496 Old Route 66,
St. Robert, MO 65584

info@citizens.biz

Toll Free: 800.440.2666
Ph: 573.336.2666
Fax: 573.336.2668