VA Circular 26-23-06, dated February 14, 2023, announced a reduction to the VA funding fee for loans with a Note dated on and after April 7, 2023.
The funding fee has been reduced by 0.15% except as noted below:
- Subsequent use transactions with < 5% down on a purchase transaction: Reduced by 0.30%
- Subsequent use cash-out transactions: Reduced by 0.30%
New Funding Fees
There is no change to the IRRRL transaction funding fee which remains at 0.50%
As a reminder, Veteran’s meeting specific eligibility requirements are exempt from the funding fee; refer to the Certificate of Eligibility (COE) – Funding Fee topic in Homebridge’s VA Program guidelines, located on the Homebridge website at www.HomebridgeWholesale.com, for details
The Homebridge VA Program guidelines have been updated and posted on the website
VA Circular 26-23-06 Exhibit B detailed the updated funding fees.
If you have any questions, please contact your Account Executive.
