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Understanding the VA Funding Fee and How It Affects Your Loan
When you use a VA home loan to buy a house or refinance, you are taking advantage of a benefit that most borrowers cannot get. The program does not require a down payment, and it does not impose private mortgage insurance. But there is a cost tied to the guarantee the VA provides to lenders. That cost is often called the VA funding fee, and knowing what it is and how it works can help you plan for it instead of being surprised at closing. Many veterans and active-duty servi