Calculate VA loan payments with funding fee and see the benefits available to veterans and military personnel.
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA), designed to help eligible veterans, active-duty service members, and surviving spouses purchase homes.
There is no difference - "VA loan" and "VA mortgage" are two terms for the same thing. Both refer to home loans guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and surviving spouses.
If you have full entitlement, there's no cap on how much you can borrow with a VA loan. However, lenders may have their own limits, and loan amounts above the conforming loan limit ($766,550 in most areas, up to $1,149,825 in high-cost areas for 2024) may require a down payment.
The VA doesn't set a minimum credit score requirement, but most lenders prefer a score of 580-620 or higher. VA loans are generally more flexible with credit requirements compared to conventional loans, making them accessible to more borrowers.
Yes, veterans with service-connected disabilities are exempt from the VA funding fee. Additionally, surviving spouses of veterans who died in service or from service-connected disabilities are also exempt. If you're not exempt, you can reduce the fee by making a down payment of 5% or more.
Yes! You can use a VA Cash-Out Refinance to refinance any existing mortgage (VA or conventional) and potentially take cash out. There's also the VA IRRRL (Interest Rate Reduction Refinance Loan), a streamlined refinance option for existing VA loans with minimal paperwork and no appraisal required.
VA loans typically take 30-45 days to close, similar to conventional loans. The process includes obtaining your Certificate of Eligibility (COE), getting pre-approved, finding a home, completing the VA appraisal, and finalizing the loan. Having your documents ready can help speed up the process.
A VA appraisal is required to ensure the property meets VA Minimum Property Requirements (MPRs) and is worth the purchase price. The VA appraiser checks for safety issues, structural soundness, and proper sanitation. This protects both you and the VA from overpaying for a property or buying one with significant defects.