Question 1

What is the VA funding fee for first-time use?

Accepted Answer

For first-time VA loan use in 2024, the funding fee is 2.15% with less than 5% down, 1.50% with 5–9.99% down, and 1.25% with 10% or more down. The fee is financed into the loan by default.

Question 2

Who is exempt from the VA funding fee?

Accepted Answer

Veterans with a service-connected disability rating, Purple Heart recipients, and surviving spouses of veterans who died in service or from a service-connected disability are exempt from the VA funding fee.

Question 3

What is the VA funding fee for subsequent use?

Accepted Answer

For subsequent VA loan use in 2024, the funding fee is 3.30% with less than 5% down, 1.50% with 5–9.99% down, and 1.25% with 10% or more down.

Question 4

Does a VA loan require mortgage insurance?

Accepted Answer

No. VA loans do not require monthly private mortgage insurance (PMI) or MIP regardless of your down payment. Instead, a one-time VA funding fee is charged, which can be financed into the loan.

Question 5

What is the minimum down payment for a VA loan?

Accepted Answer

VA loans require zero down payment for qualified veterans, active-duty service members, and surviving spouses. This is one of the primary benefits of the VA home loan program.

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