if you have a va loan do you have to pay pmi?

Answer 1

VA Mortgages
A VA loan is guaranteed by the Veterans Administration (VA) and the lender is required to collect an up-front one-time fee at closing called the "Funding Fee" instead of PMI. This amount is between .50% and 3.00% of the loan amount depending upon the status of the Veteran and if the Veteran has used his VA Benefits previously to purchase a home. There is no monthly premium and there is no refund of the Funding Fee when the loan–to-value is reduced below 80% or if the loan is paid off early.

Answer 2

No, the insurance premium on a VA loan is built in to the interest rate. A VA loan typically has a slightly higher interest rate than a conventional mortgage. The big advantage to a VA loan is the very low down payment requirement (often zero) and the tightly controlled closing costs.

Answer 3

this is BS. i offered a house in New fortress, Pa in 1998 with my VA own loan guarantee, and nevertheless had to pay PMI. i could incredibly prefer to ascertain if i will get that money back. I paid PMI for 8 years residing there.

Answer 4

Not monthly. You pay an upfront funding fee to the VA, which pays for their guaranty on the loan to the bank that issues it.

The amount varies by downpayment, eligibility status (national guard/reserves pay slightly more), and if you've used VA before.

Making the assumption that it's your first time, and that you'll put no money down on the home, it's 2.15% for active duty or vets, 2.40% for nat'l guard/reservists.

Answer 5

VA loans are guaranteed by the government, therefore if you default, the government picks up the tab...thus, VA repos.