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How to Get a VA Home Loan – Part 3: The VA Funding Fee
In the first two portions of this series we discussed the people that are eligible for a VA loan as well as how to acquire the Certificate of Eligibility. Today’s article will describe the VA Funding Fee.
A common misconception is that the VA offers home loans. This is not true. The Veteran’s Administration guarantees the loan for lenders. In the event that a VA home loan is not repaid and the home is foreclosed, the VA will pay 25% of the loan to the lender.
