VA Home Loan Affordability Calculator

Estimate your loan preapproval amount based on your income and expenses.

    1. Estimate how much home you can afford

    2. Enter your annual income before taxes. Self employed? Average the last 2 years.
    3. If applicable, enter your monthly basic allowance for housing (BAH).
      2022 BAH Calculator
    4. Enter the monthly total you pay for debts like car payments, credit card minimums or student loans. This does not include current rent or mortgage payments.
    5. 0% See if you are eligible for a $0 down VA loan ›
    6. 7.702% APR Estimated rate, yours may differ.
      Get Your Exact Rate ›
    7. Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Your Loan Officer can help you determine property tax rates in your area.
    8. Annual homeowners insurance is typically 0.35% of the home's value but can vary based on insurer.
    1. A home price up to $ would be affordable with this budget.

      Debts Exceed Debt to Income Ratio

      Not sure what you can afford? Get help from a trusted loan specialist, call (844) 648-2148 or get started online.

    2. DTI (Debt to Income ratio) is the ratio of your major monthly debt payments to your gross monthly income. With VA loans, a DTI ratio greater than 41 percent can require closer scrutiny. Veterans should find a balance that works for them and their goals.
    3. Monthly Budget Breakdown:

      • Monthly Income$5,417
      • Mortgage Payment$1,071
      • Debt Payments$500
      • Remainder$3,846This is your remaining gross monthly income after making your major monthly debt payments, including the new mortgage. For the purposes of savings and additional expenses, remember this is a pre-tax figure that doesn’t reflect your monthly net income.
    1. Ready to see a more personalized quote?

      See what you qualify for
A home price up to $ would be with this budget.
See Budget Breakdown

Debts Exceed Debt to Income Ratio

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VA Loan Guide

No mortgage insurance

Since the VA guarantees the lender the top 25 percent of the loan, no mortgage insurance is required. Most conventional loans require a borrower to put down at least 20 percent of the purchase price or pay mortgage insurance. Mortgage insurance can be costly and does not ever go towards reducing your principal balance.

Lower Interest Rate

Because the Department of Veteran Affairs guarantees each loan, interest rates are typically 0.25 to 1 percent lower than those of conventional loans.

No Down Payment For VA Loans

Saving enough money for a down payment can be especially difficult for active duty service members who are moving from base to base. Since there is no down payment required for a VA Home Loan, many veterans can purchase a home with little to no money out of pocket.

Who is Eligible?

Service Members and Veterans of the United States Military serving our country earn their VA Home Loan Benefit. The eligibility requirements vary depending on the type and character of your service…

The Many Benefits

The Loan Program offers less restrictive guidelines and more underwriting flexibility than other types of loan products making it easier to qualify…

The Loan Process

Service Members and Veterans of the United States Military serving our country earn their VA Home Loan Benefit. The eligibility requirements vary depending on the type and character of your service…

Need more? Jumbo VA loan

A Jumbo VA loan is any VA loan greater than $417,000. Qualifying veterans can apply to purchase or refinance their home for up to a value of $1,000,000 through this type of loan…

VA Loan Refinance

With a VA Cash-Out Refinance, you have the ability to turn up to 95% of their home’s equity into cash…

Obtain Your COE

Security America Mortgage is also happy to assist you in obtaining your Certificate of Eligibility. Since we have access to the Web LGY system we are able to establish eligibility and issue an online COE in a matter of seconds…

VA Loan Overview

VA loans are home loans made available to military veterans, reservists, and active-duty members for the purchase of a primary residence. The Veterans Administration does not lend money for VA loans; instead, it guarantees the top twenty-five percent of the loans made by private lenders, such as Security America Mortgage, to those who qualify.

Qualified veterans can use the VA Home Loan Benefit to purchase a home with zero money down, no private mortgage insurance, and have the sellers pay all of their closing costs. These benefits, along with highly competitive interest rates, are making the VA home loan for the preferred loan choice for many veterans.

VA Loan History

The VA Loan program was enacted by Congress in 1944 as a way to extend benefits to returning veterans as part of the Servicemen’s Readjustment Act. The government set up a system in which private lenders would make home loans to veterans and in return, the government would guarantee the lender against any loss in the event of a default.

In 1992 the VA Loan program was expanded to allow Reserve and National Guard members the ability to obtain a VA home loan provided they had at least six years of honorable service. As of today, more than 18 million veterans have used their VA home loan benefits. In the wake of the 2007 housing crisis, the VA home loan program has seen increased usage as many lenders throughout the country have tightened their lending standards.

VA Loan Interest Rates and Cost

VA Home Loans have the same cost associated with closing as all other home loan products. There are two key differences in terms of closing costs with a VA home loan. First, if negotiated into the purchase contract, all closing costs and prepaid items can be paid by the seller, totaling up to four percent of the purchase price. Second, the Department of Veterans Affairs charges a VA Funding Fee on every loan it guarantees.

The VA Funding Fee is paid directly to the VA and helps to pay for the VA Home Loan Program for all current and future homebuyers. The VA Funding Fee ranges from 1.25 percent to 3.3 percent but is waived for veterans with service-connected disabilities. The VA Funding Fee can be paid in full at closing or rolled into the loan at closing.

Typically, VA loan interest rates are lower when compared to Conventional and FHA loans. VA Loan Calculator can help you determine your payments.

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