FHA/VA Mortgage Loan Facts

FHA Guaranteed Mortgages

These items apply to both purchase and refinance loans.

Upfront Funding Fee1.75%
Monthly Premium - 30yr
>95% Loan-to-Value1.35% of average yearly balance / 12
<=95% Loan-to-Value1.30% of average yearly balance / 12
Monthly Premium - 15yr
>90% Loan-to-Value0.70% of average yearly balance / 12
<=90% Loan-to-Value0.45% of average yearly balance / 12
Streamline Refi for loans pre-6/2009
Upfront Funding Fee0.01%
Monthly Premium0.55% of average yearly balance / 12
Automatic Cancelation78% loan-to-value



VA Guaranteed Mortgages

Below are tables for VA upfront funding fees. There is no monthly insurance premium for VA guaranteed loans. Also, some veterans who are on disability may qualify for a waived funding fee.

Purchase

Downpayment 1st Time Use Subsequent Use
$0 to 4.99% 2.30% 3.60%
5% to 9.99% 1.65% 1.65%
10% or More 1.40% 1.40%


Cash Out Refinance

1st Time Use Subsequent Use
2.30% 3.60%


Interest Rate Reduction Refinance (IRRRL)

1st Time Use Subsequent Use
0.50% 0.50%