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Effective with loans closed on and after October 1, 2011, the following VA Funding Fee will be lowered.  For those with 0% down payment(and 1st VA loan) the VA Funding fee will go from 2.15% to 1.4%.  On a $150,000 loan that will save you about $6 a month.  Not huge savings, but every dollar counts in today’s market!. Here are the Changes :

Down Payment:  0 – 4.99%

Initial use:	Active Duty Veteran	Reservist
Currently:	2.15	2.40
On or after 10/01/11	1.40	1.65
Subsequent Use:
Currently:	3.30	3.30
10/01/11  - 09/30/13	2.15	2.15

Down Payment:  5% - 9.99%                                                                                                                       

Currently:	1.50	1.75
On or after 10/01/11	0.75	1.00

Down Payment:  10% and greater                                                           

Currently:	1.25	1.50
On or after 10/01/11	0.50	0.75

 There is no change in the funding fee amounts for Interest Rate Reduction Refinance loans, Native American Direct loans, or Loan assumptions.

VA Loans are unique Compared to most loans, they offer 0% down payment and no Monthly Mortgage Insurance.  Giving you the lowest down payment and monthly payment.