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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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
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
Understand the advantages and disadvantages of a VA home loan to determine if it the right program for you
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
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