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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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 # 24 [ -more VA Loan questions- ]
- - - - - -
Q: VA Fees Part 2 - Who is exempt from paying the VA funding fee?

A: While there is a funding fee for a VA home loan, some people are exempt from paying. If you are a veteran getting disability compensation for service-related medical issues, or are entitled to get compensation if you aren't drawing retirement pay, you are exempt from the VA funding fee for your VA home loan. Also, surviving spouses of those who died in the service, or from service related disabilities are also exempt. It doesn't matter in this case whether the spouse has any of their own entitlements. Remember that the VA has the last word on who is exempt, and some issues may be dealt with on a case-by-case basis. If you have any doubts, ask your local VA rep to review your service records (or your spouse's records) and get a determination from the VA.

VA Loan Rates
for 7/05/2008

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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