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
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Total Monthly Payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).


Monthly Principal + Interest
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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 # 26 [ -more VA Loan questions- ]
- - - - - -
Q: The Veterans Benefits Act of 2004 - How does the Veterans Benefits Act change my loan process and entitlements?

A: The Veterans Benefits Act of 2004 made many changes to the VA loan process. If you haven't had to get eligibility or otherwise deal with the VA for a loan since the act passed, you may be surprised at the changes. One of the major differences; the maximum guaranty amount of $60,000 has been modified. Now, for qualifying loans in excess of $144,000, the maximum is a sum equal to 25 percent of the Freddie Mac conforming loan limit, which is determined under the Federal Home Loan Mortgage Corporation Act. If you feel your VA mortgage may be affected by changes created by the Veterans Benefits Act, contact your lender for more information.

VA Loan Rates
for 11/20/2008

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

15 year fixed
-----------------
0.000 points
6.500%
6.694% APR

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Montgomery GI Bill benefits can get you started:

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

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