Who is eligible for a VA loan?

Veterans, active-duty service members, National Guard and Reserve members with qualifying service, and certain surviving spouses are eligible. You typically need 90 consecutive days of active service during wartime, 181 days during peacetime, or 6 years in the Guard/Reserves.

Is there a down payment required for VA loans?

No, VA loans offer 100% financing with zero down payment required. However, making a down payment reduces or eliminates the VA funding fee and lowers your monthly payment.

What is the VA funding fee?

The VA funding fee is a one-time charge of 1.25% to 3.3% of the loan amount, depending on down payment amount, service type, and whether it is a first or subsequent use. It can be rolled into the loan. Veterans with service-connected disabilities are exempt.

Do VA loans require PMI?

No, VA loans never require private mortgage insurance (PMI), even with zero down payment. This is one of the biggest advantages of VA loans, saving borrowers hundreds of dollars per month compared to conventional loans with less than 20% down.

VA Calculator: Estimate Your VA Loan Payment

Calculate your estimated VA mortgage payment. VA loans offer zero down payment, no PMI, and competitive rates for eligible veterans, active-duty service members, and surviving spouses.

VA Mortgage Calculator

ZIP: —

Home price Down payment

Loan term Interest rate (APR %)Editable estimate VA Funding fee %

Depends on service history, down payment, and exemptions. Funding fee preset

Auto picks fee based on down payment + preset. ZIP CodeOptional Credit score Property tax (monthly) Homeowner's insurance (monthly) HOA fees (monthly)Optional Monthly mortgage insuranceVA loans typically have no monthly MI.

Estimated monthly payment

$0.00

—

Amortization Schedule (P&I)—

Month	Payment	Principal	Interest	Balance

Estimates only. VA funding fee may be waived for eligible borrowers.

What Is a VA Loan?

VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, National Guard/Reserve members, and certain surviving spouses. They offer some of the best terms available — no down payment, no PMI, and typically lower interest rates than conventional or FHA loans.

VA Loan Benefits

Zero Down Payment

No down payment required on loans up to the conforming limit. This is the biggest advantage — saving tens of thousands upfront compared to conventional loans.

No PMI

VA loans never require private mortgage insurance, even with 0% down. This saves $100–$300+ per month compared to conventional loans with less than 20% down.

VA Funding Fee

A one-time fee of 1.25%–3.3% of the loan amount (varies by service type and down payment). Can be rolled into the loan. Exempt for disabled veterans.

Competitive Rates

VA rates are typically 0.25%–0.50% lower than conventional rates. Check our VA rates page for today's rates.

No Loan Limit

Since 2020, eligible borrowers with full entitlement have no VA loan limit. Those with reduced entitlement follow conforming loan limits for their county.

Lenient Credit Requirements

The VA has no minimum credit score, though most lenders require 620+. DTI limits are flexible with a residual income test used alongside traditional ratios.

How to Use Our VA Calculator

Enter Your VA Loan Details

Home Price: The purchase price of the home.
Down Payment: Optional — VA loans allow 0% down, but a down payment reduces the funding fee.
Interest Rate: Check our VA rates page for current rates.
Loan Term: 15-year or 30-year fixed.
Service Type: Regular military, Reserves/National Guard, or subsequent use (affects funding fee).
Funding Fee Exempt: Select if you have a VA disability rating (exempts you from the funding fee).
Property Tax & Insurance: Monthly estimates for your area.

VA Funding Fee Schedule

The funding fee varies based on your service type, down payment, and whether this is your first VA loan or a subsequent use:

First Use: 0% down = 2.15% fee | 5%+ down = 1.5% fee | 10%+ down = 1.25% fee

Subsequent Use: 0% down = 3.3% fee | 5%+ down = 1.5% fee | 10%+ down = 1.25% fee

Reserves/National Guard: Add 0.15% to first-use rates above.

VA Loan vs. Other Options

For eligible borrowers, VA loans are almost always the best option. The combination of zero down payment, no PMI, and lower rates is unmatched. The only cost is the funding fee, which is waived for veterans with service-connected disabilities. Compare with our FHA calculator or conventional calculator to see the difference.

Visit the VA.gov home loans page for official eligibility requirements and to obtain your Certificate of Eligibility (COE).