VA Loan Calculator
Loan Amount
—
Funding Fee
—
Total Loan (with fee)
—
Monthly Payment
—
Total Paid
—
Total Interest
—
Understanding VA Loans
VA loans are available to eligible veterans, active military, and surviving spouses. Key benefits include no down payment requirement, no private mortgage insurance (PMI), and often lower interest rates than conventional loans. The VA guarantee means lenders face less risk.
The VA funding fee (0.5% to 3.3%) replaces PMI and is usually financed into the loan. The fee depends on down payment, first vs. subsequent use, and military status. Veterans with service-connected disabilities are exempt from the funding fee.
VA loans have no maximum loan amount (since 2020 for full entitlement borrowers), though lenders may set their own limits. VA loans require the property to meet minimum condition standards verified by a VA appraisal. The benefit can be reused after selling or paying off a VA-financed home.
Frequently Asked Questions
Who qualifies for a VA loan?
Veterans, active-duty service members, National Guard/Reserve members with qualifying service, and some surviving spouses. A Certificate of Eligibility (COE) is required.
Do VA loans require a down payment?
No. VA loans offer 100% financing. However, a down payment reduces the funding fee and monthly payment.
What is the VA funding fee?
A one-time fee (0.5%-3.3%) that funds the VA loan program. It's usually financed into the loan. Disabled veterans are exempt.
Is there PMI on a VA loan?
No. VA loans never require private mortgage insurance, saving hundreds per month compared to conventional loans with less than 20% down.
Can I use a VA loan more than once?
Yes, VA loan entitlement can be reused. If you have paid off a previous VA loan and sold the property, your full entitlement is restored. You can also have two VA loans simultaneously if you have remaining entitlement. Some veterans have partial entitlement remaining after a previous VA loan that was not fully repaid. The VA allows second-tier entitlement for subsequent purchases, though funding fees are higher for subsequent use (3.3% for zero down on second use versus 2.15% on first use as of 2024).
What are VA loan limits and do they still apply?
Since January 1, 2020, the Blue Water Navy Vietnam Veterans Act eliminated VA loan limits for veterans with full entitlement. This means eligible borrowers with full entitlement can borrow any amount with zero down payment, though lenders may impose their own limits based on creditworthiness. Veterans with partial entitlement (from a previous VA loan still active) are still subject to county loan limits based on FHFA conforming loan limits, which vary by location. In high-cost areas, limits can exceed $1 million.