A VA loan can offer the opportunity to purchase a home with a low down payment or even no down payment at all. If you are eligible and qualify, this could be the right loan for you.
VA loans are available to veterans and other specific classes of military members*, including:
* Minimum term of service required
A Certificate of Eligibility (COE) is required for a VA loan to be approved. Your lender can easily obtain this for you online through the VA’s automated system, or you may be able to simply provide your DD-214 form.
The VA has established no minimum credit score, but lenders may require a score of 620 or higher. VA loan applicants must have paid obligations on time for at least the most recent 12 months. Debt-to-income (DTI) ratios are preferred to be less than 41%, but residual income may allow for recalculation of your DTI.
Enter the purchase price of the home you want to buy. You can also enter the amount that you think you will offer.
With a VA loan, depending on your credit, you may have a very low down payment or no down payment at all.
Enter a realistic interest rate. Base interest rates will vary by lender, your credit score, and your loan term.
VA loans are typically set for 30 years, although some military members prefer a shorter term of 15 to 20 years.
Enter your estimated property tax, if you know it. This is the assessed value of the home times the local tax rate.
Enter your estimated home insurance cost, if you know it. This is typically based on home value and location.
Unlike other types of loans, VA loans don’t require PMI payments even if the down payment is zero.
If you buy a home in a neighborhood with a homeowners association (HOA), you'll have to pay monthly or annual dues.
If you plan on paying extra on your mortgage each month, enter the amount to apply towards your loan principal.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Unsure of the conforming loan limits in your area? Find out in seconds by simply entering your zip code.