VA Funding Fee Reductions Coming Soon

VA Funding Fee Reduction

The U.S. Department of Veterans Affairs (VA) recently announced in Circular 26-23-06 a reduction in funding fees for purchase, construction, and cash-out refinance loans guaranteed by the VA that are closed on or after April 7, 2023. This exciting change will help to lower eligible buyers’ monthly payments when using a VA home loan. Here is a breakdown of the fee reductions you can expect:

VA Funding Fee Percentages 2023-Purchase or Construction

VA Funding Fee Percentages 2023-Refinance

Funding fee charges vary based on the down payment and prior usage of VA financing. Refinancing an existing loan may result in finance charges being higher over the life of the loan and a reduction of payments may reflect a longer term. Approvals are subject to underwriting and program guidelines based on eligibility.

If you have questions about VA Funding Fees or would like to start an application, fill out this form and GoVA representative will contact you to provide assistance.

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About Our Partnership with TowneBank Mortgage

At GoVA, we’re proud to partner with a lender that delivers peace of mind to those who have served and continue to serve our county. Together, GoVA and TowneBank Mortgage are committed to helping our military service members achieve their dreams of homeownership, as well as providing them with valuable resources along the way. As experienced lenders, TowneBank Mortgage understands the need for a quick and easy mortgage process, especially during life’s transitional moments. Headquartered in Norfolk, just miles from the world’s largest naval base, TowneBank Mortgage has had the honor of helping thousands of military families through their VA loan offerings. Their team is knowledgeable about VA products and the local market, and in-house operations allow them to respond to questions and concerns in a timely manner. Together, we can get you to closing in 30 days or less. Trust TowneBank Mortgage and GoVA loans to get you home.

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