What is a VA loan?
VA loans are mortgages guaranteed by the Department of Veteran's Affairs.
Eligible veterans and active duty military can purchase a new home with no money
down and pay no monthly PMI. VA loans can be eligible for Interest Rate Reduction
Refinance Loans when mortgage rates decrease.
The VA payment calculator calculates an accurate VA mortgage payment by accounting for
the appropriate VA funding fee, down payment, property taxes, and homeowner's insurance.
VA loans are available to eligible veterans, active duty, reservists, and surviving spouses.
VA loans allow 100% financing (no down payment) without paying monthly PMI.
VA funding fee percentage is impacted by making a 5% or more down payment.
5% down decreases the funding fee to 1.50% (1.75% for reservists). A down payment
of 10% or more reduces the funding fee another 0.25%.
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