VA Loan Calculator
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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.