VA Funding Fee as MIP

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  • nwtaxlady
    Senior Member
    • Sep 2009
    • 418

    #1

    VA Funding Fee as MIP

    We know that prepaid Mortgage Insurance Premiums that are thru a VA loan are called VA Funding Fee. The Other ones such as FHA are amortized for 7 years. The VA Funding Fee you are able to take all at once. So my question is, is this limited to income limitations same as MIP is? So Where exactly on the SCH A are you to report the VA Funding Fee?
    Thanks..
  • TaxGuyBill
    Senior Member
    • Oct 2013
    • 2324

    #2
    The VA funding fee is Mortgage Insurance. Except for the fact that any prepaid amount doesn't need to be amortized, it is treated as any other Mortgage Insurance.

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