Calculate your VA home loan payment with 0% down and no PMI. Available to eligible veterans, active-duty service members, and surviving spouses. See how VA loans compare to FHA and conventional.
Key VA loan benefits and terms for eligible veterans and service members
Enter your home price, funding fee percentage, and loan term to see your complete VA loan payment and compare to conventional and FHA options.
Open Mortgage Calculator →The VA home loan benefit is one of the most valuable financial benefits available to American military service members, veterans, and their families. Eligibility covers a broad group of approximately 30 million people:
Currently serving military personnel are eligible after 90 consecutive days of active duty. All branches qualify: Army, Navy, Marine Corps, Air Force, Space Force, and Coast Guard (when under orders of the Navy).
Veterans who served the required minimum period and were discharged under conditions other than dishonorable. General requirements: 90 days during wartime, 181 days during peacetime (pre-August 1990), or 24 months of continuous active duty for those who entered service after September 7, 1980.
National Guard and Reserve members are eligible after 6 years of service (with honorable discharge) OR after 90 days of active-duty service under Title 10 or Title 32 federal orders (including COVID-19 deployments that met the 90-day threshold).
Un-remarried surviving spouses of veterans who died in service or from a service-connected disability are eligible for VA loan benefits. Surviving spouses receiving Dependency and Indemnity Compensation (DIC) are also exempt from the VA funding fee.
The most dramatic benefit: VA loans require no down payment whatsoever for eligible borrowers with full entitlement. This means buying a $400,000 home requires $0 down (plus closing costs), compared to $14,000 for FHA (3.5%) or $80,000 for conventional (20%). For many veterans, this is what makes homeownership immediately achievable rather than a 5–10 year savings goal.
Conventional loans require PMI if your down payment is less than 20%, adding $100–$300/month to your payment. FHA requires MIP for the life of most loans. VA loans have no private mortgage insurance at any loan-to-value ratio — even at 100% financing. This saves $100–$300/month compared to FHA or a low-down-payment conventional loan.
VA loan rates are typically 0.25–0.50% lower than comparable conventional mortgage rates because the VA guarantee reduces lender risk. On a $300,000 loan, a 0.5% rate reduction saves approximately $83/month or $30,000 over the life of a 30-year loan. VA rates also tend to be competitive with or better than FHA rates.
The VA funding fee is a one-time payment to the Department of Veterans Affairs that helps fund the loan program without requiring taxpayer subsidies. The fee varies based on three factors: (1) Down payment amount — 0% down first use: 2.15% (regular military) or 2.40% (Reserves/Guard). With 5%+ down: 1.50%. With 10%+ down: 1.25%. (2) First or subsequent use — subsequent use with 0% down: 3.30%. (3) Service type (regular vs. Reserves/Guard).
The funding fee can be paid upfront at closing or rolled into the loan amount. Exemptions from the funding fee: veterans receiving VA disability compensation (any rating), surviving spouses receiving DIC, and active-duty Purple Heart recipients. If you think you may qualify for an exemption, verify with the VA before paying.
VA entitlement is the amount the VA will guarantee for your loan. Full entitlement means no loan limit — you can borrow as much as a lender will approve with 0% down. Partial entitlement occurs when you've previously used a VA loan and still have an active VA loan balance, limiting the no-down-payment benefit on the new loan. Once a VA loan is paid off, full entitlement is typically restored for subsequent use.
Since the 2020 Blue Water Navy Vietnam Veterans Act, veterans with full entitlement have no VA loan limits — the old county-based limits only apply to those with partial entitlement. This means a veteran can purchase a $1 million home with 0% down if they qualify financially and have full entitlement.
Step 1: Obtain your Certificate of Eligibility (COE). You can get this online through VA.gov's eBenefits portal, through any VA-approved lender (most can pull it electronically), or by mail using VA Form 26-1880. Step 2: Choose a VA-approved lender. Step 3: Get pre-approved based on income, credit (VA has no minimum credit score, but most lenders require 580–620+), and entitlement. Step 4: Find a home and make an offer — VA appraisals require the property to meet VA Minimum Property Requirements (MPRs) for safety and habitability. Step 5: Close on the loan.
Eligible: active-duty members (90+ days), veterans with qualifying service and honorable discharge, National Guard/Reserve after 6 years or 90 days active duty, and surviving un-remarried spouses. Confirm eligibility through a Certificate of Eligibility (COE) at VA.gov. Over 30 million Americans are eligible — many don't know it.
A one-time fee funding the VA loan program: 2.15% for first-time use with 0% down (regular military), 3.30% for subsequent use with 0% down. Drops to 1.50% with 5% down and 1.25% with 10%+ down. Can be paid upfront or rolled into the loan. Exempt if receiving VA disability compensation, surviving spouse on DIC, or Purple Heart recipient on active duty.
VA wins for eligible veterans: 0% down (vs FHA 3.5%, conventional 3–20%), no PMI ever (vs FHA lifetime MIP, conventional PMI under 20% equity), and rates typically 0.25–0.5% lower than conventional. The only trade-offs: VA funding fee (vs no equivalent in conventional), and VA-specific appraisal/property requirements.
Steps: (1) Get your COE from VA.gov or through a VA-approved lender. (2) Choose a VA-approved lender (most banks and mortgage companies qualify). (3) Get pre-approved based on income, credit, and entitlement. (4) Find a home — VA appraisal must confirm property meets Minimum Property Requirements (MPRs). (5) Close the loan. VA loans close similarly to conventional loans with added VA-specific steps.