The HENN Blog: Higher Education Now for Mortgage & Real Estate News

I recently blogged about the fact that come October 1st, VA was going to lower the VA funding fee.  I also posted the new grid to show the old vs new VA funding fees.  Unfortunately, there has been a slow down in passing this legislation. 

 This is what was recently posted on VA website as of the morning of September 30th: Loans Closed on or after October 1, 2011:  Due to legislation affecting funding fees that has passed both houses of Congress and is awaiting the President's signature, Lenders should not submit pyments for loans closed on or after October 1, 2011, until further notice.  This issue should be resolved within the next several days.  If the President signs the legislation, it will in effect keep funding fees as they are through November 17, 2011. 

What this means is that the older (higher) Va Funding Fee will stay in effect until November 17th, 2011 if the President signs this legislation. So, at this time, it's a waiting game.