{"id":6274,"date":"2023-07-11T21:18:38","date_gmt":"2023-07-11T21:18:38","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=6274"},"modified":"2025-05-08T20:40:01","modified_gmt":"2025-05-08T20:40:01","slug":"do-va-loans-have-mortgage-insurance","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/va-loans\/do-va-loans-have-mortgage-insurance\/","title":{"rendered":"Do VA Loans Have PMI? What to Know About VA Loans &#038; Mortgage Insurance"},"content":{"rendered":"<p>It can be tough to save up for a down payment, but<a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/\">\u00a0VA loans<\/a>\u00a0offer an alternative since you may not have to put any money down at all if you meet the eligibility requirements. However, down payment is only one of the costs associated with buying a home. Another cost home buyers have to deal with is mortgage insurance or PMI\u2014but the good news is that VA loans offer a benefit when it comes to that, too. By securing a\u00a0<a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-preapproval\/\">VA loan pre-approval<\/a>, you can also get a better sense of the total costs involved in your home purchase and avoid unnecessary surprises along the way.<\/p>\n<p>Do VA loans have mortgage insurance? The great news is that there\u2019s no need for VA loan PMI here. However, other fees at the closing table \u2014such as the VA funding fee\u2014could still come into play. Learn more about VA loan mortgage insurance requirements and how PMI differs from the VA funding fee.<\/p>\n<div id=\"key_takeaways\"><h3>KEY TAKEAWAYS<\/h3><ul>\n<li aria-level=\"1\">Private mortgage insurance protects lenders in case a borrower defaults on the loan.<\/li>\n<li aria-level=\"1\">Unlike other loan types, VA loans don\u2019t require borrowers to pay PMI.<\/li>\n<li aria-level=\"1\">Although the VA funding fee is often compared to PMI, the former is a one-time payment while the latter is a monthly cost.<\/li>\n<li aria-level=\"1\">Every VA loan borrower is required to pay the VA funding fee unless they qualify as exempt.<\/li>\n<li aria-level=\"1\">The VA funding fee can be financed into the loan amount so you don\u2019t have to come out of pocket.<\/li>\n<\/ul>\n<\/div>\n<h2>What Is Private Mortgage Insurance (PMI)?<\/h2>\n<p>If you are looking to buy a home but can\u2019t put down more than 20% of the purchase price, you may be required to pay for private mortgage insurance (PMI) when you take out a home loan. PMI is an extra layer of protection that helps protect the lender if payments are not made on time. This coverage is arranged by your lender and provided by private insurers.<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:641,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:1,&quot;12&quot;:0}\"><div class=\"cta_banner\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/04\/Catbanner2.jpg)\"><h3>With a simple 10-step mortgage process, Griffin Funding strives to make applying and securing a home loan easy, transparent, and quick.<\/h3><a href=\"https:\/\/griffinfunding.com\/full-page-form-quick-quote\/\/\">Get Started<\/a><\/div><\/span><\/p>\n<p>Essentially, you pay a private insurance company a monthly premium and that company agrees to reimburse your lender with a certain portion of the total loan amount in the event you default. In this way, PMI protects banks and lenders from losing too much money if a borrower can no longer make payments.<\/p>\n<p>Borrowers can typically avoid PMI by providing a down payment of at least 20%. Homeowners who pay PMI can typically get it removed once they reach 20% equity in their home or improve their loan-to-value (LTV) ratio.<\/p>\n<h2>Do VA Loans Have PMI?<\/h2>\n<p>Many loan types require PMI for borrowers putting down less than 20%\u2014but do VA loans have mortgage insurance? One of the most attractive benefits of VA loans is that they don\u2019t require PMI, but you will pay a<a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-funding-fee\/\"> VA funding fee<\/a> when you close, which ranges from 0.5% to 3.3% of the loan\u2019s total value. The VA funding fee helps to support the VA benefits program for future borrowers. This coverage is arranged by your lender and provided by private insurers.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10203\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-3.png\" alt=\"Funding fee chart for VA Loans\" width=\"1368\" height=\"683\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-3.png 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-3-300x150.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-3-1024x511.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-3-768x383.png 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p>VA loans don\u2019t mandate any type of mortgage insurance premiums, so you do not have to worry about any sort of monthly PMI payments on a VA loan. Instead, you\u2019ll pay the VA funding fee as part of the home\u2019s <a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-closing-costs\/\">closing costs<\/a>. The VA funding fee can be rolled on top of the loan amount so you don\u2019t have to come out of pocket with the fee.<\/p>\n<h2>What Is the VA Funding Fee?<\/h2>\n<p>The VA funding fee is a cost that all borrowers of VA loans are required to pay. The funding fee represents a small percentage of the total loan amount and it\u2019s paid at closing, alongside other costs like the VA appraisal fee and mortgage origination fee. The cost of this one-time fee goes towards supporting future veterans who want to purchase homes through loan programs offered by the Department of Veterans Affairs.<\/p>\n<h3>How much is the VA funding fee?<\/h3>\n<p>Buying a home with a VA loan comes with its own set of costs, including the VA funding fee. This fee can seem like an obstacle when it\u2019s time to purchase your first house, but understanding how much you\u2019ll pay and what options are available for paying it off can help make this part of the process smoother.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10204\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image1-4.png\" alt=\"As of 2025, the VA funding fee ranges from 1.25% to 3.3% of the loan amount. If you opt for a VA stramline refinance, the funding fee is 0.5% in all cases.\" width=\"1368\" height=\"705\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image1-4.png 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image1-4-300x155.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image1-4-1024x528.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image1-4-768x396.png 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p>First-time buyers who put down less than 5% on their home will pay 2.15% of the loan amount. Borrowers putting down less than 5% on subsequent loans will have to pay 3.3% in funding fees.<\/p>\n<p>If you&#8217;re able to place more money down, then you&#8217;ll be eligible for reduced percentage points. If you put down between 5%-10%, your VA funding fee is 1.5%. By putting down over 10%, the fee drops to 1.25%.<\/p>\n<p>Homeowners that do a\u00a0<a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/va-cash-out-refinance-loan\/\">VA cash-out refinance<\/a>\u00a0will pay 2.15% if it is their first time using their VA benefits and 3.3% if it is subsequent use.<\/p>\n<p>While this fee can be expensive, there are other options available. You may be able to file a request for financing through your mortgage or ask the seller if they\u2019d consider covering these expenses instead. Using a\u00a0<a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-calculator\/\">VA loan calculator<\/a> can also help you estimate your total costs and explore different scenarios before you commit.<\/p>\n<div class=\"cta_banner gold_cta\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/gold-background-1.png)\"><h3>Download the Griffin Gold app today!<\/h3><p>Take charge of your financial wellness and achieve your homeownership goals <br><br>\r\nUse invitation code: <b>GRIFGOLD<\/b> to register.<\/p><div class=\"stores\"><a href=\"https:\/\/apps.apple.com\/us\/app\/griffin-gold\/id6460034387\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/apple-icon.svg\" \/><\/a><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.griffinfunding.gold\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/google-store.svg\" \/><\/a><\/div><\/div>\n<h2>Is the VA Funding Fee Required?<\/h2>\n<p>Yes, the VA funding fee is required for everyone as a part of the\u00a0<a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/va-loan-process-timeline\/\">VA loan process<\/a>\u00a0unless you meet certain exemptions. While it can be a real obstacle paying these closing costs, this cost helps fund the VA benefits program and provides other veterans and service members with the opportunity to purchase a home using a VA loan.<\/p>\n<p>The VA has made it easier for veterans to purchase a home and, without adequate money coming back in, there might be no program available at all. That&#8217;s why every time someone pays their VA funding fees at closing, they are not only taking care of themselves but also helping other borrowers by contributing towards making homeownership more accessible.<\/p>\n<h3>VA funding fee exemptions<\/h3>\n<p>In some cases, borrowers may qualify for exemptions that make it possible to avoid paying the VA funding fee. Be sure you look into whether or not you&#8217;re eligible for any VA funding fee exemptions, because recently changes were made that allow certain Purple Heart recipients an exemption as well. Here&#8217;s a quick breakdown on who qualifies:<\/p>\n<ul>\n<li aria-level=\"1\">Individuals with service-related disability compensation\/payments<\/li>\n<li aria-level=\"1\">Veterans who are deemed eligible to receive\u00a0<a href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/disability-and-va-home-loans\/\">disability compensation<\/a><\/li>\n<li aria-level=\"1\">Active duty military personnel awarded a Purple Heart medal<\/li>\n<li aria-level=\"1\">Surviving spouses who are currently receiving Dependency and Indemnity Compensation (DIC)<\/li>\n<li aria-level=\"1\">Retirees receiving retirement pay or those still serving with an active-duty paycheck<\/li>\n<\/ul>\n<p>To know if any exemptions apply in your case, check what\u2019s written on your Certificate of Eligibility (COE), which classifies each borrower as either \u201cexempt&#8221; or &#8220;non exempt&#8221;. You can also learn more about your exemption status by reaching out directly to the Department Of Veterans Affairs or consulting with your lender.<\/p>\n<h2>VA Loan: PMI vs Funding Fee<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6275\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-2.png\" alt=\"\" width=\"1368\" height=\"710\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-2.png 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-2-300x156.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-2-1024x531.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image2-2-768x399.png 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p>Many people compare the VA loan funding fee to PMI, but the two are not the same. When it comes to buying a house, conventional loans usually require monthly private mortgage insurance if your down payment is less than 20%. With an FHA loan, buyers will have both upfront and regular mortgage insurance payments for at least eleven years.<\/p>\n<p>However, when you take out a VA loan, you don\u2019t have to pay mortgage insurance. Instead of being a monthly premium, the VA funding fee is a one-time fee that you pay at closing. The money goes back to the VA to keep the program alive.<\/p>\n<p>Thus, the key difference between mortgage insurance and the VA funding fee is that PMI is an ongoing payment meant to protect the lender, while the funding fee is a one-time payment that\u2019s required to support the VA benefits program.<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:641,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:1,&quot;12&quot;:0}\"><div class=\"cta_banner\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/04\/catbanner1.jpg)\"><h3>Think you qualify?<\/h3><a href=\"https:\/\/apply.griffinfunding.com\/#\/milestones\">Get Started Today<\/a><\/div><\/span><\/p>\n<h2><strong>Enjoy No PMI With VA Loans<\/strong><\/h2>\n<p>When it comes to purchasing a home, qualifying veterans have access to an incredible benefit in the VA loan. With no down payment required, this loan provides service members with the opportunity to purchase a house without having to save up for years and years. For those in the military who are constantly on-the-go and may not have had time or resources to save money or build credit, the VA loan can be a great option.<\/p>\n<p>Plus, unlike conventional loans which require private mortgage insurance when borrowers don&#8217;t put at least 20% down upfront, veterans do not have to worry about this payment. This translates into major savings over the lifespan of the loan!<\/p>\n<p>If you\u2019re interested in applying for a VA loan, reach out to Griffin Funding today. At Griffin Funding, we are honored to help veterans and their families find the right loan package to meet their needs. We offer competitive<a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/va-rates\/\">\u00a0VA loan rates<\/a>\u00a0and 100% financing on purchase and cash-out refinance loans. Additionally, you can use our\u00a0<a href=\"https:\/\/gold.griffinfunding.com\/pfm\/registration\/invite?key=1c204fd9-839b-4775-aed1-9844766b60a6\">Griffin Gold app<\/a>\u00a0to easily track and manage your loan application, making the process smoother and more efficient. We would be happy to work with you to finance your next home. <a href=\"#popmake-6804\">Reach out today<\/a> to speak to a member of our team, and let us help you find the right mortgage to meet your needs.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It can be tough to save up for a down payment, but\u00a0VA loans\u00a0offer an alternative since you may not have to put any money down at all if you meet the eligibility requirements. However, down payment is only one of the costs associated with buying a home. Another cost home buyers have to deal with<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/do-va-loans-have-mortgage-insurance\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":6278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-6274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-va-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Do VA Loans Have PMI? | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Learn if VA loans require PMI and what you need to know about mortgage insurance for VA loans in this comprehensive guide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/griffinfunding.com\/blog\/va-loans\/do-va-loans-have-mortgage-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do VA Loans Have PMI? What to Know About VA Loans &amp; Mortgage Insurance\" \/>\n<meta property=\"og:description\" content=\"Learn if VA loans require PMI and what you need to know about mortgage insurance for VA loans in this comprehensive guide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/griffinfunding.com\/blog\/va-loans\/do-va-loans-have-mortgage-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"Griffin Funding\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/griffinfunding\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/griffinfunding\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-11T21:18:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-08T20:40:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/07\/image5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1368\" \/>\n\t<meta property=\"og:image:height\" content=\"771\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bill Lyons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/x.com\/griffinfunding\" \/>\n<meta name=\"twitter:site\" content=\"@griffinfunding\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bill Lyons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/griffinfunding.com\\\/blog\\\/va-loans\\\/do-va-loans-have-mortgage-insurance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/griffinfunding.com\\\/blog\\\/va-loans\\\/do-va-loans-have-mortgage-insurance\\\/\"},\"author\":{\"name\":\"Bill Lyons\",\"@id\":\"https:\\\/\\\/griffinfunding.com\\\/#\\\/schema\\\/person\\\/83571cd7f738a7f95cae1a44ad0b7ef1\"},\"headline\":\"Do VA Loans Have PMI? 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