Financial by Studyhub

VA Mortgage Calculator

Property Information

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No down payment required for VA loans

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VA Loan Details

Additional Monthly Costs

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Understanding VA Loans

VA loans are mortgage loans backed by the U.S. Department of Veterans Affairs, offering significant benefits to veterans, active duty service members, and eligible surviving spouses.

Key Benefits of VA Loans

  • No down payment required
  • No private mortgage insurance (PMI)
  • Competitive interest rates
  • Limited closing costs
  • No prepayment penalties

VA Funding Fee

The VA funding fee is a one-time payment that helps offset the cost of the VA loan program:

  • First Use with No Down Payment:
    • Regular Military: 2.3%
    • Reserves/National Guard: 2.3%
  • Subsequent Use with No Down Payment:
    • Regular Military: 3.6%
    • Reserves/National Guard: 3.6%
  • Lower fees with down payments of 5% or 10%
  • Fee waived for veterans receiving VA disability compensation

Eligibility Requirements

  • Minimum service requirements based on service period
  • Certificate of Eligibility (COE) required
  • Property must be primary residence
  • Must meet VA and lender credit requirements
  • Property must meet VA minimum property requirements

Additional Costs

  • Property taxes
  • Homeowners insurance
  • HOA fees (if applicable)
  • VA funding fee (unless exempt)
  • Closing costs (may be paid by seller)