veterans can easily estimate the monthly mortgage payment for a VA home
loan, including the property taxes and homeowner’s insurance. The VA
calculator will also estimate the VA funding fee for Illinois active duty
vets and reservists. The funding fee may be paid in cash at settlement or
included in the mortgage. Reservists pay a slightly higher fee than active
duty veterans do. The VA does not require a down payment with VA loans. Learn about
Questions About VA Home Loans
Click on the question
below to reveal the answer
► Does VA loan require mortgage insurance?
The VA requires a funding fee which is similar to the FHA
mortgage insurance. The VA funding fee is paid in full at
settlement or can be financed with the VA loan. However,
unlike the FHA home loan program, there is no monthly
mortgage insurance (MIP or PMI). Service related veterans
who are 10% disabled are not required to pay the VA mortgage
► How much can the seller pay for closing
costs on a VA loan?
The seller is permitted to pay ALL reasonable and customary
closing costs on behalf of the Illinois veteran. The VA also permits the seller to pay up to
4% for tax escrows, the payment of the VA funding fee,
pre-paid interest, etc.
The calculators and information contained herein are made available to
you as a self-help tool for illustrative use only. Examples are hypothetical.
We can not and do not guarantee the applicability or accuracy in regards
to your individual circumstances. I encourage you to seek personalized advice
from qualified professionals.