Insight
The assumption fee increased from 0.5% to 1%.
House passes bill hiking VA mortgage refi fees to fund expanded veterans’ benefits
Summary
A recently passed bill in the U.S. House of Representatives increases veterans' benefits, with funding coming from higher fees on Department of Veterans Affairs (VA) refinance transactions. The VA refinance fee jumps from 0.5% to 1.42%, impacting veteran hosts who refinance. This change could mean an additional $8,000 cost over the life of a loan.
Key takeaway