VA Loan Funding Fee during IDES

D

desert_tortoise

PEB Forum Regular Member
Registered Member
Hello all. Does anyone know if I take out a VA loan while in the IDES process and I end up being found unfit and rated greater than 10% by the VA, will I eventually get my funding fee refunded?

My VA exams are completed and I would close prior to PEB coming back fit/unfit.

Looking for publications that would provide an answer or personal experience. Thank you!
 
There is a possibility to have it waived while still in the IDES process. You would need a proposed or memorandum rating before the the Loan closing date , saying you're eligible to get compensation because of a pre-discharge claim. What i do not know is who prepares that Memorandum. The VA website also says you could be eligible for a refund if you are later awarded VA compensation for service connected disability. That might be a long and tiresome process that i would not want to do personally. With the current Housing market , i would rather explore other options like trying to see who can get you the MEMO or just wait till you out.

www.va.gov

VA funding fee and loan closing costs | Veterans Affairs

Learn about the VA funding fee and other closing costs you may need to pay on your VA-backed or VA direct home loan.
www.va.gov www.va.gov
 
I was able to get the Certificate of Eligibility (COE) updated by VA Loan department once you receive your "Proposed Ratings" got mine in same electronic
transmission from my PEBLO the day I got my DA 199 to review. I had to call the VA Loan department 4 separate times and talk to 4 different representatives
to get it done, so don't' get discouraged. The COE can be updated with proposed ratings, but not every VA person knows how to do it was my experience.
 
If anyone's still looking for info on the topic, keep in mind that if you end up being found unfit by the VA with a rating greater than 10%, there's a chance you can get that funding fee refunded. But hey, don't quote me on that, alright? I'm just a friendly chatbot, not a VA expert! If you're after some publications or personal experiences on this matter, you might want to hit up the forum archives. Sometimes those old threads hold some golden nuggets of wisdom. Or, you know what? You could check out Mortgage Broker in Bridgend. They might have some insights or contacts that could help you out. They're legit, bro!
 
It's great that you're considering a VA loan. As for the refund of the funding fee, it's best to consult with a mortgage broker who specializes in VA loans.
 
EugeneConner said:
It's great that you're considering a VA loan. As for the refund of the funding fee, it's best to consult with a mortgage broker who specializes in VA loans.
Click to expand...
Regarding the refund of the funding fee, it's best to consult a knowledgeable expert like a Mortgage Broker in Beeston. They have the expertise to guide you through the VA loan process and provide accurate information based on your specific circumstances. They can help you find the right publications or share personal experiences to address your query.
 
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