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VA Mortgage Qualification Calculator

VA Mortgage Qualification Calculator

The Department of Veterans Affairs (VA) offers a VA home loan program for active and retired military personnel that enables them to purchase homes with no down payment and at favorable interest rates. Use our VA Home Loan Qualification Calculator to determine what size VA mortgage you qualify for and the up-front VA funding fee associated with a VA mortgage

Watch our VA Mortgage Qualification Calculator "How To" video

Inputs

One of the factors that determines the VA Funding Fee
Please Select Class of Military Service
One of the factors that determines the VA Funding Fee
Please Select First time using VA Mortgage Eligibility
Amount of money you make per month BEFORE subtracting taxes and other deductions. You can use our Gross Income Calculator to determine this figure
Please Enter Monthly GROSS Income
It looks like you may have inputted your annual gross income instead of your monthly grosss income. Please confirm you have inputted your monthly gross income.
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Total of monthly payments for all non-housing related debt such as credit card, auto and student loans
Please Enter Total Monthly Debt Payments
It looks like you may have inputted your total debt balance instead of your total monthly debt payments. Please confirm you have inputted your total monthly debt payments.
X
The current interest rate for a 30 year FHA mortgage is approximately 3.125%
Please Select Annual Interest Rate
The length, in years, of the mortgage. The most common mortgage term is 30 years
Please Select Mortgage Term (Years)
The amount of money, as a percentage of the purchase price, you are contributing to purchase the property
Please Select Down Payment
Used to determine the VA mortgage limit in the area where you are purchasing the property
Please Select State
Used to determine the VA mortgage limit in the area where you are purchasing the property. VA limits vary by county
Please Select County
The type of mortgage your looking to obtain
Please Select Mortgage Type
Submit Valid Info to Compare Lenders and Save Money!When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click calculator for a version of this calculator that does not require personal info
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score

Outputs

The maximum allowable mortgage amount eligible for the VA progam in your county
Estimated property purchase price you can afford based on the mortgage amount for which you qualify and your down payment
The size of your mortgage relative to the value of your property. If your mortgage size is $80,000 and the property purchase price is $100,000, the LTV ratio is 80%
Includes estimated property tax and insurance. Property tax and insurance rates vary by state, county and property
VA guidelines typically recommend that you to spend a maximum of 41% of your GROSS monthly income on your combined monthly housing expense and other monthly debt
The VA Program requires the borrower to pay an up-front VA Funding Fee. The VA Funding Fee varies depending on type of military service, down payment amount and if this is this is your first time using the VA program
The VA mortgage program enables military personnel and veterans to purchase a property with no down payment. VA mortgage program qualification guidelines are typically more conservative than qualification quidelines for conventional mortgages. Additionally, the VA mortgage program also requires that the borrower have a minimum level of residual income, the amount of net income that is leftover after deducting monthly housing expense plus expenses related to all other monthly debt.

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Current Mortgage Rates as of November 22, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.
FREEandCLEAR is not affiliated with or endorsed by any government agency