VA funding was applied by the government on the refinance loan and VA purchase. Here we discuss the purpose of this fee, and who is waived from the funding fee.
VA funding fee are directly sent to the department of veterans affairs use to cover the losses. Veterans Affairs Dept use this fee to keep running the loan guaranty program for future military homebuyer.
If someone has the following criteria then he will be waived from the VA funding fee otherwise not.
VA funding fee waived for disabled vets who receive compensation.
- Veterans who get compensation due to service-connected disability but do not receive the pay of retirement.
- An active military member who is eligible for compensation but does not receive the compensation.
- Purple Heart Recipient.
- The surviving spouse of veterans is also eligible for it if eligible for the loan.