VA Mortgage Calculator
Loan Details
VA Loan Details
Loan Analysis
Monthly Payment
$0.00
VA Funding Fee
$0.00
Loan Amount
$0.00
Total Cost
$0.00
Understanding VA Loans
VA loans are mortgage loans backed by the U.S. Department of Veterans Affairs, designed to help service members, veterans, and eligible surviving spouses become homeowners. These loans offer competitive terms and often require no down payment.
VA Loan Benefits
No Down Payment Required
Eligible borrowers can finance 100% of the home's value
No PMI Required
Unlike conventional loans, VA loans don't require private mortgage insurance
Competitive Rates
VA loans often offer lower interest rates than conventional loans
Limited Closing Costs
The VA limits the closing costs lenders can charge
VA Funding Fee
Funding Fee Rates:
- First Use:
- 2.3% with no down payment
- 1.65% with 5% down
- 1.4% with 10% or more down
- Subsequent Use:
- 3.6% with no down payment
- 1.65% with 5% down
- 1.4% with 10% or more down
- Exemptions:
- Veterans receiving VA disability compensation
- Purple Heart recipients serving in active duty
- Surviving spouses of veterans who died in service
Eligibility Requirements
- Minimum service requirements based on service period
- Valid Certificate of Eligibility (COE)
- Satisfactory credit score (typically 620 or higher)
- Stable income and employment history
- Property must meet VA minimum property requirements
- Property will be primary residence