VA Mortgage Calculator
Calculate VA home loan payments, funding fees, and eligibility. VA loans offer competitive rates and no down payment for eligible veterans, active duty service members, and surviving spouses.
VA Loan Summary
VA Benefits
Loan Details
VA Loan Benefits and Requirements
Key Benefits
- No Down Payment: 100% financing available
- No PMI: Private mortgage insurance not required
- Competitive Rates: Often lower than conventional loans
- Flexible Credit: More lenient credit requirements
- VA Guarantee: Lenders protected against default
- Spouse Coverage: Surviving spouses may be eligible
Funding Fee Details
- First-time use: 2.15% of loan amount
- Restore entitlement: 3.3% of loan amount
- Subsequent use: Varies by remaining entitlement
- Can be financed into the loan
- Waived for 10%+ disability rating
Eligibility Requirements
- Service Requirement: 90 days active duty (peacetime) or 24 months (wartime)
- VA Certificate: Certificate of Eligibility (COE) required
- Credit Score: Minimum 620 typically required
- Income Stability: Steady employment history
- Property Standards: Must meet VA minimum property requirements
- Occupancy: Primary residence requirement
VA Entitlement
- Basic entitlement: $36,000 guarantee
- Bonus entitlement: Additional $70,000 for high-cost areas
- Restored with payoff or refinance
- Used percentage shown on settlement
- Important for future VA loans
Understanding VA Mortgages
VA loans are government-backed mortgages designed to help eligible veterans, active duty service members, and surviving spouses purchase homes. Backed by the Department of Veterans Affairs, these loans offer competitive terms and benefits not available with conventional mortgages.
VA Loan Basics
VA loans are guaranteed by the VA, which means the lender is protected against loss if you default. This guarantee allows VA loans to offer more favorable terms than conventional loans, including no down payment and no private mortgage insurance.
VA Funding Fee
The VA funding fee is a one-time charge that helps fund the VA loan program. The fee amount depends on your eligibility status and whether you're a first-time user. The fee can be paid upfront or financed into your loan amount.
VA Entitlement
VA entitlement is the amount the VA will guarantee on your behalf. This entitlement is used each time you get a VA loan and can be restored when you pay off or refinance your loan. Managing your entitlement is important for future VA loan eligibility.
VA Loan Limits
VA loans have county-specific loan limits that vary by location. These limits are set by the VA and are generally higher in high-cost areas. Loans above the county limit may require a down payment.
VA Appraisal Requirements
VA loans require a special VA appraisal that evaluates the property's condition and ensures it meets VA standards. The appraisal includes a Compliance Inspection to verify the property is safe and habitable.
Tip: VA loans offer excellent benefits for eligible borrowers, but the process can be complex. Always consult with a VA-approved lender and consider working with a VA loan specialist to ensure you meet all requirements and maximize your benefits.