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VA Mortgage Calculator

VA loans often require $0 down.

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How to use the VA Loan Guide: Benefits for Veterans

VA Loans are often called the best mortgage product on the market. Backed by the Department of Veterans Affairs, they offer $0 down payment options and lenient credit requirements to help those who served buy a home. "You served your country; now let your country serve you."

♾️ Lifetime Benefit

You can use a VA loan more than once. You can even have two VA loans at the same time (if you have remaining entitlement).

📉 Lowest Rates

VA loans typically have the lowest interest rates of all loan types (Conventional, FHA, USDA) because the government guarantees a portion of the loan.

The Formula

Total Loan = Home Price - Down Payment + VA Funding Fee

Understanding the VA Funding Fee

Most VA borrowers pay a one-time funding fee to help sustain the program. This fee is usually rolled into the loan amount.

  • First Use (0% Down): 2.15%
  • Subsequent Use (0% Down): 3.3%
  • 5%+ Down Payment: 1.5%
  • 10%+ Down Payment: 1.25%
  • Disability Exemption: 0% (If you have a service-connected disability rating of 10% or higher).

Frequently Asked Questions (FAQ)

Can I use a VA loan more than once?

Yes! VA loan entitlement can be restored after you pay off the previous loan or sell the property. In some cases, you can even have two VA loans at once (bonus entitlement).

What is the VA Funding Fee?

This is a one-time fee paid to the VA to help sustain the program. It ranges from 1.4% to 3.6% of the loan amount but is waived for veterans with a service-connected disability.

Do VA loans have closing costs?

Yes. While you can finance the funding fee, you usually must pay other closing costs (title, appraisal, etc.) out of pocket unless the seller agrees to pay them.

How to use the VA Loan Benefits

VA Loans are one of the most powerful financial tools available for veterans and active-duty service members. Backed by the Department of Veterans Affairs, they often offer better terms than any conventional loan.

🚫 No Down Payment

Qualified borrowers can buy a home up to a certain amount with absolutely $0 down, keeping more cash in your pocket.

🛡️ No PMI

Unlike conventional or FHA loans, VA loans never require monthly Private Mortgage Insurance, even with 0% down.

The Formula

Payment = P × [r(1+r)^n] / [(1+r)^n - 1]

The VA Funding Fee

  • Purpose: Helps offset the cost of the loan program to taxpayers since there is no PMI.
  • Amount: Varies from 1.25% to 3.3% of the loan amount depending on your down payment and if it's your first time using the benefit.
  • Exemptions: Veterans with a service-connected disability rating of 10% or more are usually exempt from this fee!

Common Questions

Can I use a VA loan more than once?

Yes! VA loan entitlement can be restored after you pay off the previous loan or sell the property. In some cases, you can even have two VA loans at once (bonus entitlement).

What is the VA Funding Fee?

This is a one-time fee paid to the VA to help sustain the program. It ranges from 1.4% to 3.6% of the loan amount but is waived for veterans with a service-connected disability.

Do VA loans have closing costs?

Yes. While you can finance the funding fee, you usually must pay other closing costs (title, appraisal, etc.) out of pocket unless the seller agrees to pay them.