VA Mortgage Calculator – Calculate VA Loan Payments
Security America Mortgage has a great tech tool called the va loan calculator. Their VA loan calculator will help you figure out your possible mortgage payment including taxes and insurance. Fill in the blank with the necessary information to calculate VA loan payment.
Home Price
Do you have a sales contract and know the price of the home? If not, you can use an approximate sales price or appraised value.
Calculate a VA Monthly Mortgage Payment with a VA loan calculator
Make sure you know your funding fee. Not all Veterans have a funding fee. If you are a disabled veteran, you might not have a funding fee. Military spouses, Purple Heart recipients, and veterans receiving disability payments are excluded from paying the VA funding fee. Normally there is no need to put a down payment!
Insert an approximate Interest rate when using VA loans calculator
VA loans have competitive interest rates. It’s hard to get a better deal or better rate than a VA loan especially since you don’t have a down payment. Likely if comparing a low-down payment FHA loan or Conventional loan, you would see that a VA loan with no down payments usually has a lower rate. If you put 20% down on a conventional loan and have perfect credit then you can probably beat the no down payment VA loan rate.
Add the Loan term you qualify for or the one you are seeking when using a va loan calculator
A pre-qualification will help determine your max loan amount. Your payments are higher with a 15 year and lower with a 30-year loan term. Choose a 15-year loan term if you want to pay off your home sooner and can afford the higher payment.
What Types of VA loans does Security America Mortgage offer?
Security America Mortgage offers traditional VA loans, VA construction loans, VA renovation loans, and VA refinance loans. They are headquartered in Texas but serve many states in the United States. A VA loan in Texas makes a lot of sense because the Texas economy is thriving even during an economic downturn. High Tech companies in most all industries such as Microchips, semiconductors, bio technology, space, clean energy, Artificial intelligence and much more make the Texas economy a desirable place to live and work. Veterans also have many additional benefits from working and living in Texas. Depending on their degree of disability, Texas residents who are veterans with 10% to 90% service-connected VA disability ratings are eligible for a $5,000 to $12,000 decrease in the assessed value of their homes. Texas is one of 16 states that exempts all property taxes for veterans who are completely incapacitated. The Veterans Commission Texas provides VA disability benefits and rights to veterans, their families, and survivors. The organization assists dependents with survivor benefits and represents veterans in VA disability applications and during the VA appeals process. A Texas benefit known as the Hazlewood Act provides qualified veterans, spouses, and dependent children with up to 150 hours of tuition-free college at state institutions. However, this excludes living expenditures, books, and tuition.
Can a Veteran Finance their VA funding fee?
Yes, it is possible for a Veteran to finance their VA funding fee. The VA funding fee is a one-time fee that the VA charges to help offset the cost of the VA loan program. The fee can vary depending on factors such as the type of loan, down payment, and whether the borrower has used their VA loan benefit before. While the VA funding fee can be paid upfront at closing, some lenders may offer the option to finance the fee into the loan amount. This means that the fee is added to the loan balance and paid off over time along with the principal and interest. Keep in mind that financing the funding fee will increase the overall cost of the loan and may result in a higher monthly payment. It’s important to discuss the option of financing the VA funding fee with your lender and carefully consider the pros and cons before making a decision. Use the VA loan calculator to calculate your va funding fee.
The VA Loan Process step-by-step
The VA loan process typically involves several steps, including:
Determine your eligibility: Before applying for a VA loan, you must first determine if you meet the eligibility requirements set by the VA. Generally, veterans, active-duty service members, and certain surviving spouses may be eligible for VA loans.
Obtain a Certificate of Eligibility (COE): Once you have confirmed your eligibility, you will need to obtain a COE from the VA. This document confirms to lenders that you are eligible for a VA loan.
Find a VA-approved lender like Security America Mortgage. You will need to find a lender that is approved by the VA to offer VA loans. The lender will help you understand your loan options and guide you through the application process.
Pre-approval: Before house hunting, it’s a good idea to get pre-approved for a VA loan. This involves submitting an application to the lender and providing documentation to support your income, employment, and creditworthiness.
Home Search: With pre-approval in hand, you can begin searching for a home that meets your needs and budget.
Offer and acceptance: Once you find a home you want to buy, you will make an offer to the seller. If your offer is accepted, you will move forward with the loan application process.
Underwriting: The lender will review your loan application and documentation to determine if you qualify for the loan. This includes verifying your income, credit history, and employment status.
Appraisal: The lender will order an appraisal of the property to determine its value and ensure it meets VA loan requirements.
Closing: If the loan is approved, you will sign the loan documents and pay any closing costs. The lender will then fund the loan and the property will officially be yours.
How many months of property taxes are due up front on a VA loan?
Typically, when using a VA loan to purchase a home; the buyer is required to pay up to two months of property taxes upfront at closing. This is because property taxes are paid in arrears, meaning they are paid for the previous year. Therefore, if the buyer is closing on a property in the middle of the year, they may be required to pay up to two months of property taxes upfront to ensure that there are sufficient funds to cover the taxes when they come due. However, the exact amount of upfront property taxes required may vary depending on the specific lender; and the state in which the property is located. It’s best to consult with your lender to get specific information on your VA loan requirements.
How many months of homeowners insurance are due up front on a VA loan?
When obtaining a VA loan to purchase a home; the borrower is typically required to pay for the first year of homeowners insurance upfront at closing. This is because lenders want to ensure that the property is insured against any potential damages; and having the insurance paid upfront provides this assurance. The exact amount of homeowners insurance required upfront may vary depending on the lender and the state in which the property is located. Some lenders may require additional months of homeowners insurance upfront; while others may only require the first year’s premium to be paid. It’s best to consult with your lender to get specific information on your VA loan requirements for homeowners’ insurance.
VA loan limits
The VA no longer sets VA loan limits for those with full entitlement; however, all lenders have limits. There are no longer any upper limits on loans for eligible veterans, service members; and survivors who have earned their entire entitlement. As a result, you won’t need to put down any money, and the Veterans Affairs promises to reimburse your lender up to 25% of the loan balance if you default on a loan worth more than $144,000.
Mortgage insurance (PMI)
VA loans don’t have mortgage insurance like conventional and FHA loans but a VA loan does have a VA funding fee which works in a similar way.
How Do the Interest Rates for VA Home Loans Compare with Those for Other Mortgage Products?
VA home loans often offer competitive interest rates when compared to other mortgage products. The interest rates for VA home loans are typically comparable to or lower than those for conventional mortgages or FHA loans. One reason why VA loans can offer lower interest rates is that they are guaranteed by the U.S. Department of Veterans Affairs. This guarantee helps to lower the risk for lenders, which can lead to lower interest rates for borrowers. Another factor that can impact interest rates is the borrower’s credit score. Like other mortgage products, the interest rates for VA loans can vary depending on the borrower’s credit score; and other factors such as loan-to-value ratio, debt-to-income ratio, and loan term. It’s important to note that interest rates can change over time and may vary between lenders. It’s a good idea to shop around and compare rates from different lenders to find the best VA loan interest rate for your specific financial situation.