VA Funding Fee Changes Officially Take Effect November 18th, 2011
Previously the Department of Veteran Affairs announced a reduction in the VA Funding, this initially was set to take effect October 1, 2011.
That reduction in the VA Funding Fee did not take place on time. There was a delay in getting this funding change authorized through Congress and the President via H.R. 2646 also known as the Veterans Health Facilities Act Capital Improvement Act of 2011. The good news is that this Bill has been officially signed, so the Funding Fee will definitely now take effect for loans closing on after November 18th, 2011. These new funding fee levels are based on the closing date of the new mortgage and not the application date, so new applications can be taken now as long as they close and fund November 18th or later.
Here is the new VA Funding Fee Chart