A buyer in Fresno purchases a $600,000 home using a VA loan with no down payment. The VA funding fee for a first-time user with no down payment is 2.15% of the loan amount. If the buyer finances the funding fee into the loan, what is the total loan amount?
Correct Answer
B) $612,900
VA loan with no down payment: loan amount = $600,000. VA funding fee = $600,000 × 2.15% = $12,900. Total financed = $600,000 + $12,900 = $612,900.
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