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VA Mortgage Qualification Calculator
FREEandCLEAR Calculator

VA Mortgage Qualification Calculator

Calculator developed by

Use our VA Mortgage Qualification Calculator to determine what size VA mortgage you qualify for as well as the the upfront VA funding fee you are required to pay based on your class of military service, the number of times you have used the VA home loan program, monthly gross income and debt expenses. The calculator also factors in your mortgage rate, loan length and down payment to show you what size VA loan you can afford.  The VA mortgage program enables qualified military personnel and veterans to buy a home with no down payment.
Your monthly gross income, or how much money you make before any deductions, is one of the most important qualification inputs because the VA program uses a residual income analysis to determine your ability to qualify for a mortgage. In short, the VA wants to make sure that you have sufficient income leftover after accounting for your monthly debt expenses including your mortgage payment, property tax, homeowners insurance as well as other debt expenses including credit cards, car and student loans. Our VA Mortgage Qualification Calculator uses this residual income calculation to show you the estimated mortgage amount you qualify for.
Our calculator also factors in your type of military service as well as if you have previously used the VA program because these factors, as well as your down payment, are used to determine your VA funding fee, which is an additional upfront cost that many applicants are required to pay. The fee is typically lowest for regular military borrowers who are using their VA entitlement for the first time. Additionally, although the VA program requires no down payment, the funding fee is lower if you decide to put down at least 5%.
Your interest rate and length of your mortgage also impact what size VA home loan you qualify for. The lower your rate and longer the length of your loan, the more mortgage you can afford. The positive for borrowers is that VA mortgage rates tend to be lower than the rates for other loan programs which enables you to qualify for a larger loan. Input different values for mortgage rate and term into the calculator to determine how your estimated mortgage amount changes.
The calculator also shows you estimated total monthly housing expense including property tax and insurance so you can evaluate the all-in cost of owning a home. Additionally, our calculator determines the VA loan limit for your county. The VA loan limit is important because if your mortgage amount is greater than the limit you are required to make a down payment to be eligible for the VA program. Our VA Mortgage Qualification Calculator provides a lot of valuable information and we encourage you to run multiple scenarios to determine the VA loan you can afford. We also offer a version of this calculator that does not require personal information.

Inputs
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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 here for a version of this calculator that does not require personal info
 
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.
Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
Rate:  
Points  More Info:
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.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
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.
Mortgage Insurance More Info
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%.
(Estimated)
Property Tax More Info
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 ...
(Estimated)
Homeowner Insurance More Info
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 ...
(Estimated)
Homeowner Association Fee More Info
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.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
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.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
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.
Tax Service Fee More Info
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.
Processing Fee More Info
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.
Underwriting Fee More Info
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.
Wire Transfer Fee More Info
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.
(If Any)
FHA Upfront Premium More Info
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.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

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.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current VA Mortgage Rates as of December 13, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here 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.

What Borrowers Should Know About a VA Mortgage

1

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.  Use our VA Mortgage Qualification Calculator to determine the VA funding fee based on your loan amount, type of military service and the number of times you have used the program.

2

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.  Our VA Mortgage Qualification Calculator applies this conservative debt-to-income ratio to calculate what size VA loan you can afford.  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.

3

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.  Use our VA Mortgage Qualification Calculator to understand how lower mortgage rates impact your monthly payment.

4

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.

5

Your Mortgage Amount Can Be More than the VA Loan Limit

Like many other low down payment mortgage programs, the VA program applies loan limits. Unlike other programs, however, your mortgage amount can actually exceed the VA loan limit for your county.  This may seem confusing and you may ask yourself how this is possible.  According the VA program guidelines, your loan amount can be more than the loan limit as long as you make a down payment of at least 25% of the difference between your mortgage and the limit. For example, if the loan limit is $400,000 and you want a $500,000 loan, you would be required to make a $25,000 down payment ($500,000 (mortgage) - $400,000 (loan limit) = $100,000 (difference) x 25% = $25,000 (required down payment).  Most people who use the VA Program put no money down so they are subject to the loan limits but it is helpful to understand that you may be able to qualify for a higher mortgage amount.

6

You Can Use the VA Program More Than Once

The VA Program can be used multiple times although you are typically required to pay off any current VA loans you have before you are eligible for a new one.  In some cases, such as if you are transferred, you may not be required to pay off your current loan but this is relatively uncommon.  Additionally, the VA funding fee is higher if you are not using the program for the first time but you are still eligible to buy a home with no down payment and take advantage of lower VA interest rates. 

More FREEandCLEAR Mortgage Resources

Mortgage Guides

VA Home Loan Program Guide

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

Programs

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

Resources

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

Resources

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

Sources

VA Mortgage Qualification: https://benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp

VA Funding Fee: https://benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf

VA Mortgage Program: https://www.benefits.va.gov/homeloans/resources_veteran.asp

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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