Estimate a VA loan payment including the VA funding fee, with no down payment required.
VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible service members, veterans and surviving spouses. They require no down payment and no private mortgage insurance, which are the two biggest financial advantages. Instead, the VA charges a one-time funding fee (typically 1.25–3.3% of the loan, depending on use and down payment) that is usually financed into the loan. Veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee.
VA funding fee
Funding Fee = Base Loan × Funding Fee Rate
Financed loan amount
Financed Loan = Base Loan + Funding Fee (when financed)
VA funding fee rates are current as of 2024. Eligibility rules and fee exemptions require verification with a VA-approved lender. Rates and terms vary by lender.
No — VA loans allow 0% down with no PMI. However, making a 5% or 10% down payment reduces the funding fee tier and therefore the total cost of the loan.
Veterans receiving VA disability compensation for a service-connected disability, veterans who would receive compensation but for retirement pay, and surviving spouses of veterans who died in service or from a service-connected disability are all exempt.
Yes. The VA entitlement can be restored after a previous VA loan is paid off, or used concurrently if sufficient entitlement remains. Subsequent use carries a higher funding fee (3.3% with less than 5% down) to partially offset the increased risk.
Since 2020, there is no VA loan limit for borrowers with full entitlement — meaning no mandatory down payment regardless of loan size. However, lenders may impose their own limits and require down payments on amounts above the conforming loan limit.