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Calculate the VA Mortgage You Qualify For and Connect with Top Lenders
Use the FREEandCLEAR VA Mortgage Qualification Calculator to determine what size VA mortgage you qualify for based on your gross income and debt as well as the up-front VA funding fee for a VA home loan. When you submit your information we connect you with up to four leading lenders so that you can confirm your mortgage terms and compare multiple proposals to find the mortgage that is right for you. We also offer a version of this calculator that does not require personal information
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Points  :Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount. |
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Monthly Housing Payments
| P & I Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance. |
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| Mortgage Insurance Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%. |
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| Property Tax Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ... |
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| Homeowner Insurance Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ... |
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| Homeowner Association Fee Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs. |
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Lender Fees
| Points Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount. |
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| Origination Fee Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan. |
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| Credit Report Fee Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness. |
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| Tax Service Fee Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender. |
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| Processing Fee Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower. |
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| Underwriting Fee Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package. |
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| Wire Transfer Fee Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower. |
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| FHA Upfront Premium FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception. |
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| Other Fees Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees) The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services. |
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What Borrowers Should Know About a VA Mortgage
VA Home Loan Program Basics
The VA mortgage program enables eligible military personnel and veterans to buy a home with no down payment. Saving money to pay for a down payment is one of the biggest obstacles to buying a home so enabling borrowers to qualify for a home loan with no money down is a significant benefit. Although borrowers are required to pay an extra upfront VA funding fee, the VA home loan program makes home ownership more affordable and accessible to active and retired military members.
VA Home Loan Program Qualification Guidelines
VA borrower mortgage qualification guidelines are slightly less flexible than other no or low down payment mortgage programs such as the FHA home loan program. The VA home loan program requires a minimum credit score of 620 as compared to 580 for the FHA program. Additionally, the VA home loan program uses a borrower debt-to-income ratio of approximately 41% to determine what size mortgage you qualify for as compared to a debt-to-income ratio of 43% or higher for the FHA mortgage program. Using a lower debt-to-income ratio means that borrowers qualify for a smaller mortgage amount. Additionally, the VA home loan program applies a residual income requirement to ensure that borrowers have sufficient funds after paying their mortgage and total monthly housing expense.
VA Mortgage Rates are Lower
The mortgage rate for VA home loans is lower than the interest rate for many other no or low down payment home loan programs. VA home loans have lower interest rates because the mortgages are insured by the U.S. government and military personnel tend to be more financially responsible and credit-worthy. Paying a lower interest rate reduces your mortgage payment and total monthly housing expense and saves you thousands of dollars in total interest expense over the term of your mortgage.
VA Home Loan Program Eligibility
The VA home loan program is available to all eligible military personnel. In general, you are eligible for the VA home loan program if you served on active duty for more than 90 consecutive days during wartime or more than 181 days during peacetime. National guard members and reservists are required to have served a minimum of six years. Additionally, unlike some other low or no down payment mortgage programs, the VA home loan program does not apply borrower income limits or restrict where the property being mortgaged is located. Although the program uses VA loan limits that cap your mortgage amount, not using income limits or property location restrictions makes the VA home loan program available to more eligible military members and veterans.
More FREEandCLEAR Mortgage Resources
VA Home Loan Program Overview
Review our comprehensive overview of the VA home loan program including eligibility guidelines, borrower qualification requirements and other key program information such as the VA funding fee and VA loan limits
Pros and Cons of a VA Home Loan
Understand the advantages and disadvantages of a VA home loan to determine if it the right program for you
VA Mortgage Rates
Use our VA mortgage rate table to review updated VA rates and closing costs for lenders in your area. Shopping multiple lenders is the best way to save money on your VA home loan
Comparison of No and Low Down Payment Mortgage Programs
Review and compare multiple government-backed and conventional low or no down payment mortgage programs to understand borrower benefits, program eligibility requirements and qualification guidelines