VA Loan Calculator
Calculate VA mortgage payments including funding fees. VA loans offer 100% financing with no down payment for eligible veterans and active duty military personnel.
VA Loan Summary
Cost Comparison
VA Benefits
VA Loan Eligibility & Benefits
VA Loan Eligibility
- Service Requirements: 90 consecutive days active duty (or 6 years reserves)
- Discharge: Honorable discharge (general OK for some cases)
- Credit Score: No minimum, but typically 620+
- Income: Must show ability to repay
- Property: Must be primary residence
- Appraisal: VA appraisal required
VA Loan Benefits
- 100% Financing: No down payment required
- No PMI: VA guarantee replaces mortgage insurance
- Competitive Rates: Often lower than conventional rates
- Flexible Qualifying: More lenient debt-to-income ratios
- Assumable: Can be assumed by qualified buyers
- Limitless: No lifetime usage limit
VA Funding Fee Schedule
| Service Member Type | First-Time Use | Subsequent Use |
|---|---|---|
| Active Duty | 1.4% | 3.6% |
| Reserves/National Guard | 1.6% | 3.6% |
| Veterans with VA Disability | 0.6% | 3.6% |
*Funding fees are based on the loan amount and can be financed into the loan or paid in cash at closing.
Understanding VA Loans
VA loans are government-guaranteed mortgages available to eligible veterans, active duty service members, and surviving spouses. The VA guarantees a portion of the loan, allowing lenders to offer 100% financing with no down payment.
VA Funding Fee
- Purpose: Funds the VA loan program and covers potential defaults
- Payment Options: Can be paid upfront or financed into the loan
- Tax Deductible: May be deductible if you itemize on your taxes
- Waiver Available: Reduced or waived for veterans with service-connected disabilities
VA Loan Limits
VA loans have county-specific loan limits based on the conforming loan limits set by Fannie Mae and Freddie Mac. In high-cost areas, the 2023 VA loan limit is $1,296,000 for a single-family home.
VA vs. Conventional Loans
VA Advantages
- 100% financing available
- No private mortgage insurance
- Competitive interest rates
- More flexible qualifying
- VA appraisal protects buyers
VA Considerations
- VA funding fee required
- VA appraisal and COE required
- Occupancy requirement
- County loan limits apply
- VA entitlement usage
Tip: VA loans are an excellent option for eligible borrowers who want to avoid a down payment and PMI. The VA funding fee is often less expensive than PMI over the life of a conventional loan.