VA Mortgage Calculator
Calculate VA loan payments and explore exclusive military benefits
VA Mortgage Calculator
Calculate VA loan payments and explore exclusive military benefits
Home Details
VA loans allow 0% down payment
Military Service
10%+ rating exempts from funding fee
Additional Monthly Costs
VA Loan Benefits for Military Personnel
VA loans are one of the most valuable benefits available to military service members, veterans, and eligible surviving spouses. These government-backed mortgages offer significant advantages over conventional loans, making homeownership more accessible for those who have served our country.
Key VA Loan Advantages
- No Down Payment: Purchase a home with 0% down payment
- No Private Mortgage Insurance (PMI): Save hundreds monthly
- Competitive Interest Rates: Often below conventional rates
- No Prepayment Penalties: Pay off your loan early without fees
- Assumable Loans: Transferable to qualified buyers
- Foreclosure Protection: VA helps with loan modification
Who Qualifies for VA Loans?
- Veterans with qualifying service periods
- Active-duty service members
- National Guard and Reserve members (6+ years or 90 days active duty)
- Surviving spouses of veterans who died in service or from service-connected disabilities
VA Loan Requirements and Process
Eligibility Requirements
- • Service Time: 90 days wartime or 181 days peacetime
- • Credit Score: No VA minimum, lenders typically require 620+
- • Income: Sufficient income to meet debt-to-income ratios
- • Certificate of Eligibility: Obtained through VA
- • Primary Residence: Must be your primary home
- • Property Standards: Must meet VA appraisal requirements
VA Funding Fee Structure
- • First-time use: 2.3% (0% down) or 1.65% (5%+ down)
- • Subsequent use: 3.6% (0% down) or 1.65% (5%+ down)
- • National Guard/Reserves: Add 0.25%
- • Disability exemption: Veterans with 10%+ disability rating
- • Surviving spouses: Exempt from funding fee
- • Fee financing: Can be rolled into the loan amount
VA Loan Limits and Entitlement
2024 Loan Limits
- • Basic counties: $766,550
- • High-cost counties: Up to $1,149,825
- • Alaska, Hawaii, Guam, Virgin Islands: Higher limits apply
- • No maximum: With sufficient entitlement and down payment
Entitlement Basics
- • Basic entitlement: $36,000
- • Bonus entitlement: Additional amount in high-cost areas
- • Full entitlement: Basic + bonus = $766,550 guarantee
- • Restoration: Available when loan is paid off
- • Multiple uses: Can be used multiple times
VA vs Conventional Loan Comparison
| Feature | VA Loan | Conventional Loan |
|---|---|---|
| Down Payment | 0% minimum | 3-20% typically |
| Private Mortgage Insurance | None required | Required if down payment < 20% |
| Interest Rates | Often 0.125-0.25% lower | Market rates |
| Funding Fee | 1.65-3.6% (can be financed) | None |
| Credit Requirements | More flexible | Stricter requirements |
| Prepayment Penalties | None allowed | May apply |
| Loan Assumption | Yes, with qualification | Generally not available |
VA Loan Process and Tips
Application Process
- Obtain Certificate of Eligibility (COE)
- Get pre-qualified with a VA-approved lender
- Find a real estate agent familiar with VA loans
- Make an offer with VA loan contingency
- Order VA appraisal and inspection
- Finalize loan approval and underwriting
- Complete closing process
Money-Saving Tips
- • Shop around with multiple VA-approved lenders
- • Consider points to lower your interest rate
- • Ask seller to pay closing costs (up to 4%)
- • Use VA appraisal for negotiation leverage
- • Consider energy-efficient improvements with VA loans
- • Refinance with VA IRRRL when rates drop
Frequently Asked Questions
Can I use my VA loan benefit more than once?
Yes, VA loan benefits can be used multiple times. You can restore your entitlement by paying off the previous VA loan and selling the home, or through a one-time restoration even if you keep the property.
What types of properties are eligible for VA loans?
Single-family homes, condos (in VA-approved projects), townhomes, and manufactured homes are eligible. The property must be your primary residence and meet VA's Minimum Property Requirements (MPRs).
How does the VA funding fee work?
The funding fee ranges from 1.65% to 3.6% of the loan amount and can be financed into the loan. Veterans with service-connected disabilities of 10% or higher are exempt from this fee.
Can I buy a multi-unit property with a VA loan?
Yes, you can purchase up to a 4-unit property as long as you occupy one unit as your primary residence. This allows you to house-hack and generate rental income from the other units.