How Much Will Va Loan Give Me

Next, the loan term and interest rates are used to calculate the loan amount associated with a $2,210 payment using current rates. If the loan is a 15 year mortgage at 3.50% with a $2,210 principal and interest payment, the loan amount result is just over $309,000, your maximum VA loan amount.

Lenders are usually promised 25 percent backing on each VA loan. Veterans with their full VA loan entitlement can borrow as much as a lender is willing to lend without the need for a down payment. In those cases, the VA pledges to repay a quarter of whatever the veteran can get. Factor #2: Do You Have Your Full Entitlement?

Although this can include a range of costs, from grocery bills to streaming services, some of the largest expenses include auto payments, credit card payments and utilities. If you're VA disabled, have a purple heart or are a military spouse, you're exempt from the VA funding fee - typically 2.3 percent of the loan amount.

If you're VA disabled, have a purple heart or are a military spouse, you're exempt from the VA funding fee - typically 2.3 percent of the loan amount. Homebuyers who've used a VA loan before and aren't exempt from the VA funding fee typically pay a higher VA funding fee - generally 3.6 percent of the loan amount.