SALT LAKE CITY, UT, September 27, 2011
/24-7PressRelease/ -- iFreedom Direct, a national VA specialty lender, is pleased to report that funding fees on certain types of
VA home loans have been reduced due to changes in federal legislation.
As a result of Public Law 112-26, Restoring GI Bill Fairness Act of 2011 and previous legislation, reduction in funding fees for the VA home loan program will take place for loans closed on or after October 1, 2011. First time VA loan users will now pay 1.4% for purchase and refinance loans, down from 2.15%. And, reservists and National Guard members will now pay 1.65%, down from 2.4%. Subsequent VA loan borrowers who put down less than 5% for purchase and regular refinance loans will pay a reduced VA funding fee of just 2.8 %, down from the previous 3.3%. Surviving spouses and disabled vets are still exempt from the VA funding fee.
Further reductions on repeat-use
VA funding fees are scheduled annually until 2013. By October 1, 2013, subsequent users with less than 5% cash down will pay just 1.25% for VA funding fees. Streamline and Assumption VA funding fees will remain at .5%.
iFreedom Direct's Marketing Director, Justin Bath, says, "Reduced VA funding fees make the military mortgage program even more affordable to eligible borrowers. These service members are ready to give their lives for our country and if anyone deserves to fulfill the American Dream of homeownership, they do."
Some of the attractive features of VA loans include zero money down up to conforming loan limits, no private mortgage insurance (PMI), no prepayment penalties and an interest rate advantage over other mortgage programs. Those eligible for veterans' mortgages include veterans, active duty military personnel and certain surviving spouses. Regular military members and reservists and National Guard members can become eligible for special home loan entitlements by serving for designated durations - typically 2 years for regular military and 6 years for Selected Reserves/National Guard.
iFreedom Direct is a top-ranked VA-approved lender providing the country's military members and surviving spouses with federally-guaranteed mortgages through the VA home loan benefits program. The company originates and funds VA mortgages in nearly every U.S. state. The company's loan professionals assist eligible borrowers with VA loan products including purchase loans,
streamline refinance and cash-out refinance loans.
To learn more about iFreedom Direct, visit
www.directvaloans.com.
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