Location: The borrower's verified current permanent residential address must be located in an eligible area or the subject property the borrower is purchasing must be located in an eligible area. Income: The total qualifying income of all borrowers must be less than or equal to 120% of the area median income in the county where the subject property is located. Loan types, such as non-conforming loans, government loans, conventional adjustable-rate mortgages, and bond loans, are not eligible. Loan type: The grant may be used with a Wells Fargo fixed-rate conventional loan only. Eligibility for grant money will not be confirmed until underwriting is complete. The down payment grant is available in certain areas. We cannot apply less than the full amount. To use the grant, the full $10,000 must be applied toward the down payment. Grant funds cannot be used in connection with the financing of a Wells Fargo real estate owned (REO) property purchase. The Homebuyer Access Grant SM may help customers purchase a home by providing a $10,000 grant for a down payment, subject to eligibility requirements. What other costs are part of my mortgage? What other costs are part of my mortgage? VA loans offer low- and no-down-payment options for eligible veterans and other eligible borrowers. Be certain to ask your home mortgage consultant to help you compare the overall costs of all your home financing options.FHA loans have the benefit of a low down payment, but you'll want to consider all costs involved, including up-front and long-term mortgage insurance and all fees.Talk with a home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.įHA loans are available with as little as 3.5% down.We'll explain the options available, so you can choose what works for you. Keep in mind that with a low down payment mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment.Borrowers who aren't exempt and have used a VA loan before are subject to a slightly higher VA funding fee.Wells Fargo offers several low down payment options, including conventional loans (those not backed by a government agency).Ĭonventional fixed-rate loans are available with a down payment as low as 3%. VA buyers exempt from the VA funding fee include those with a disability rating greater than 10%, those who've received a Purple Heart and surviving spouses. VA specifics relate to the VA funding fee. While this calculator works for refinancing, we also have a specific VA refinance calculator for cash-out and IRRRLs here. Calculations for loan types differ due to the VA funding fee. VA loans provide both purchase and refinance options. Estimate your credit score for a more accurate VA loan payment. Interest rates typically vary based on several factors, including credit score. Loan term is the length you wish to borrow - typically 15 or 30 years. You can view current VA mortgage rates here. Interest rates in the calculator are for educational purposes only, and your interest rate may differ. Interest rates in the calculator include APR, which estimates closing costs and fees and is the actual cost of borrowing. The interest rate is the cost of borrowing. However, if you decide to put money down, it can reduce the VA funding fee - if required - and your overall monthly payment. VA loans do not require a down payment, and most VA borrowers choose $0 down. The down payment is an upfront amount paid towards the principal. Home value is the potential purchase price of the home, not including a down payment. In the "Advanced Settings" section, you can update the property taxes and insurance estimates for your specific location, though 1.2% and 0.35% are typical.Ī Look at the VA Loan Calculator's Inputs The calculator updates your estimated VA loan payment as you change the fields. To use the VA loan calculator, adjust the inputs to fit your unique homebuying or refinancing situation. Veterans United's VA loan calculator considers these factors and more to estimate your purchasing power with a VA loan more accurately. VA loans have unique factors that affect the accuracy of the payment, including the VA funding fee, VA disability rating, prior VA loan usage and the loan type. Broad Mortgage CalculatorĬalculating monthly payments for a VA loan is similar to other mortgage options, but it's not the same. VA loans have a variety of benefits, including the flagship benefits of $0 money down, no private mortgage insurance (PMI) and typically lower-than-average interest rates. VA loans are a government-backed mortgage program uniquely for Veterans, military members and select military spouses with a valid Certificate of Eligibility (COE).
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