Do VA loans have PMI?
No. VA loans do not have private mortgage insurance or an FHA-style monthly mortgage insurance premium. A VA funding fee may apply at each purchase or refinance unless the borrower qualifies for an exemption.
What this actually means.
No-monthly-mortgage-insurance can be one of VA's strongest advantages, but it does not make the loan free. Compare the VA funding fee, Rate and APR, points or credits, payment, closing cash and expected holding period with the actual Conventional or FHA alternative. A funding-fee exemption can materially change that comparison.
Where this can move.
First/subsequent use, down payment percentage, loan type (purchase, IRRRL, cash-out), and exemption status (disability, surviving spouse) drive the fee.
Ask the question. Get the straight answer.
Send the scenario and I'll tell you what I'm seeing. No application fee. No long form just to get a basic answer.
More VA questions on Funding Fee.
Educational only. VA guidelines, lender overlays, rates, fees, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with the VA, HUD, or any government agency.