A veteran mortgage often requires no downpayment and frequently offers lower interest rates than ordinarily available. These loans are often made without any downpayment at all.

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Desired Mortgage for New Home
Mortgage Length	Years
Interest	%
Annual Tax
Total Monthly Payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).


Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary
Your salary must meet the following two conditions: Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments. Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments. DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.

FREQUENTLY ASKED QUESTION # 23 [ -more VA Loan questions- ]
- - - - - -
Q: Does the VA Charge A Fee? - Are there fees associated with my VA home loan?

A: There is a "VA funding fee" required by law. A first-time buyer will pay a little over two percent for a 'no money down' loan, and a second time buyer's fee is just above three percent. The reason for the fee includes the idea that the veteran is reducing taxpayer burden by contributing to the cost of his VA mortgage. The higher fee for second-time borrowers presumes that there is equity in the home, or the borrower has had plenty of time to save in order to pay for the extra percentage. There is also a fee for VA refinance loans, and they fall within the same general price guidelines; just above two percent for first-timers and just above three percent for those who borrow again.

VA Loan Rates
for 9/07/2008

30 year fixed
-----------------
0.000 points
6.500%
6.618% APR

15 year fixed
-----------------
0.000 points
6.500%
6.500% APR

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Montgomery GI Bill benefits can get you started:

- AIU Online
- Capella University
- DeVry University
- Kaplan University
- Westwood College
- Walden University
- Strayer University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College

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