Is a VA loan right for you?
VA loans are designed to help eligible members of the military community achieve homeownership. These government-backed loans are available through approved lenders and may offer benefits such as no down payment, competitive rates, and fewer upfront costs.
If you’re an active-duty service member, veteran, reservist, or eligible surviving spouse, a VA loan may be an option worth exploring.
Benefits of a VA loan
For those who qualify, VA loans offer several appealing features:
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No down payment options may be available
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No mortgage insurance requirement in most cases
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Can be used for buying, refinancing, or improving a home
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Streamlined process designed to support military families
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Favorable loan terms based on service history and eligibility
VA loan eligibility requirements
Eligibility for a VA loan depends on specific service-related criteria and other financial factors. Here are a few general requirements often considered:
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Proof of qualifying military service
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Satisfactory credit and income history
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Property must typically be used as your primary residence
Our team can help you determine eligibility and walk you through the steps if a VA loan is the right fit for you.
Check out what your monthly payment could be by using our VAÂ Mortgage Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Principal & Interest (P&I)
$
Taxes & HOA
$
Homeowners Insurance
$
VA Funding Fee
$
Purchase Price
$
+ VA Funding Fee
$
- Down Payment
$
Total Loan Amount
$
VA Funding Fee
$
Estimated Taxes & Insurance
Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
VA Funding Fee
The VA Funding Fee is paid to the VA to help fund the program and varies depending on type of service, loan amount, down payment and subsequent VA Loan usage. This fee can be paid in cash at closing, but most borrowers choose to roll this cost into their monthly payments. The VA Funding Fee is waived for Veterans entitled to VA compensation for a service-connected disability and surviving spouses of Veterans who died in service or as a result of a service-connected disability.
Amount Financed
Purchase Price (-) Down Payment (+) VA Funding Fee.
Estimated Payment
$ /mo
Loan amount
$
VA Funding fee
$
VA Funding fee percentage
Down payment
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
HOA dues
$
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
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