VA Loan Calculator
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💰 Savings vs. Conventional (No PMI)
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What Makes VA Loans Different
The VA home loan is one of the most powerful benefits available to eligible veterans — and one of the most underused. Here's what sets it apart from conventional mortgages:
- 0% down payment required — buy a home with no down payment. Conventional loans typically require 3–20%.
- No private mortgage insurance (PMI) — saves $100–200/month vs. conventional loans with less than 20% down.
- Competitive interest rates — VA loans often carry rates 0.25–0.5% below conventional rates due to the government guarantee.
- No prepayment penalty — pay off your loan early with no fees.
- Limits on closing costs — VA rules cap certain fees sellers must pay, protecting borrowers.
- Lifetime benefit — you can use a VA loan multiple times. It never expires.
VA Funding Fee Reference Table
The VA Funding Fee is a one-time fee paid at closing (or rolled into the loan). It funds the VA loan program and varies based on your usage and down payment. Veterans with a 10%+ service-connected disability rating are exempt.
| Usage |
0% Down |
5–9% Down |
10%+ Down |
| First use |
2.15% |
1.5% |
1.25% |
| Subsequent use |
3.3% |
1.5% |
1.25% |
| Exempt (10%+ service-connected disability) |
0% |
0% |
0% |
The funding fee can be financed into the loan amount, so you don't need cash at closing for it.
Certificate of Eligibility (COE)
Before getting a VA loan, you need a COE from the VA to prove your entitlement. Here's how to get it:
- Online (fastest): Apply through VA.gov's eBenefits portal — most veterans receive instant approval.
- Through your lender: Most VA-approved lenders can pull your COE automatically during the application process at no cost to you.
- By mail: Submit VA Form 26-1880 to the VA Eligibility Center. Takes 4–6 weeks.
VA Loan Entitlement
Full Entitlement
The VA will guarantee up to 25% of the loan with no maximum loan limit. Available to veterans who have never used a VA loan, or who have fully restored their entitlement after paying off a previous VA loan.
Remaining/Bonus Entitlement
If you've used your VA loan benefit before and still have an active VA loan, you may have remaining entitlement. This can still be used for a second VA loan, though county loan limits may apply.
Restoring Entitlement
Once you sell your home and pay off the VA loan in full, you can request restoration of entitlement using VA Form 26-1880. This fully restores your benefit for future use.
IRRRL — VA Streamline Refinance
Already have a VA loan? The Interest Rate Reduction Refinance Loan (IRRRL) lets you refinance to a lower interest rate with minimal hassle:
- No VA appraisal required in most cases
- No income or employment verification needed
- No out-of-pocket costs if fees are rolled into the loan
- Reduced funding fee (0.5% vs. standard rates)
- Can typically close in 2–4 weeks
If rates have dropped since you bought, an IRRRL could save you hundreds per month with almost no effort.
Adapted Housing Grants for Disabled Veterans
Veterans with certain service-connected disabilities may qualify for grants to build, buy, or modify a home to suit their needs:
SAH Grant
Up to $109,986
Specially Adapted Housing — build, buy, or modify a permanently adapted home for veterans with severe mobility-related disabilities.
SHA Grant
Up to $22,036
Special Home Adaptation — adapt an existing home you or a family member already owns. For veterans with different qualifying disabilities.
TRA Grant
Up to $44,299
Temporary Residence Adaptation — temporarily adapt the home of a family member you're living with while awaiting your own adapted housing.
Grant amounts adjust annually. Apply through your VA regional loan center or at VA.gov.
Frequently Asked Questions
Can I use a VA loan more than once?
Yes. The VA home loan benefit is a lifetime benefit you can use multiple times. As long as you have remaining entitlement (or restore your entitlement after paying off a prior VA loan), you can use it again. You can even have two VA loans simultaneously in some cases.
What credit score do I need for a VA loan?
The VA itself has no minimum credit score requirement. However, most VA-approved lenders set their own minimums, typically 580–640. Some lenders accept scores as low as 500. Lower scores may still qualify but could come with higher interest rates.
Can I use a VA loan for a rental property or investment?
VA loans are for primary residences only — you must intend to live in the home. However, you can buy a multi-unit property (up to 4 units) with a VA loan, live in one unit, and rent out the others. You cannot use a VA loan to buy a pure investment property or vacation home.
How long does VA loan approval take?
VA loan approval typically takes 40–50 days from application to closing — similar to conventional loans. The process includes lender underwriting plus a VA appraisal. Working with an experienced VA lender and having your Certificate of Eligibility ready can speed things up significantly.
What is the VA loan limit?
As of 2020, there is NO VA loan limit for veterans with full entitlement. You can borrow as much as a lender will approve. Veterans with reduced entitlement (who have an active VA loan) may have limits tied to the conforming loan limit in their county.
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