Current VA guidelines, updated from one source.
One guideline source feeds every number in this block, and the block changes here when the source does. The terms shown are purchase terms; the refinance leverage, the seasoning rule, and the fee exemptions sit under the two tables.
100% financing with full entitlement
With full entitlement a purchase needs 0% down at up to 100% of the appraised value; VA backs a quarter of the loan, which is what lets the lender waive the down payment. With remaining entitlement a lender may ask for a down payment on the part VA does not back.
No monthly premium, no upfront premium
Mortgage insurance does not exist on a VA loan: no monthly premium, no upfront premium, no cancellation rules to track. The calculator below shows a payment with nothing in that line, which is where VA differs from every other high-leverage program.
First use; 3.3% after first use; exempt for many disabled veterans
The funding fee is a one-time charge of 2.15% on a first-use purchase with less than five percent down and 3.3% on later uses; it drops with a larger down payment, can be financed into the loan, and is waived for the exempt groups listed below.
Residual income decides the file
Two tests, one guideline: the total-debt ratio is measured against 41%, and residual income is measured against the West table below for the household’s size. VA tells lenders the residual-income test carries more weight, which is why a modest ratio does not approve a thin budget.
| Loan type | Use | Down payment | Fee |
|---|---|---|---|
| Purchase or construction | First use | less than 5% down | 2.15% |
| Purchase or construction | First use | 5% to 9.99% down | 1.5% |
| Purchase or construction | First use | 10% or more down | 1.25% |
| Purchase or construction | After first use | less than 5% down | 3.3% |
| Purchase or construction | After first use | 5% to 9.99% down | 1.5% |
| Purchase or construction | After first use | 10% or more down | 1.25% |
| Cash-out refinance | First use | Any | 2.15% |
| Cash-out refinance | After first use | Any | 3.3% |
| IRRRL | Any | Any | 0.5% |
| Manufactured home (not permanently affixed) | Any | Any | 1% |
| Loan assumption | Any | Any | 0.5% |
| Vendee loan | Any | Any | 2.25% |
| Family size | Residual income |
|---|---|
| 1 | $491 |
| 2 | $823 |
| 3 | $990 |
| 4 | $1,117 |
| 5 | $1,158 |
| Each additional member, up to seven | + $80 |
Exempt from the funding fee: veterans receiving VA compensation for a service-connected disability, those eligible for it but receiving retirement or active-duty pay instead, surviving spouses receiving Dependency and Indemnity Compensation, service members with a pre-discharge claim rating, and active-duty service members who have received the Purple Heart. VA sets no minimum credit score; the wholesale programs behind these pages start at a 580 decision score and serve loan amounts up to $4,000,000, including loans above the conforming limit with full entitlement.
Refinances: cash-out to 100% loan-to-value after seasoning of 210 days and six payments with a net tangible benefit; rate-reduction refinances of an existing VA loan at a 0.5% fee without a VA appraisal. Current VA snapshot · updated October 1, 2026 · owner-occupied principal residences, one to four units · no VA loan limit with full entitlement · loans are assumable · no prepayment penalty · Lendmire is not affiliated with the Department of Veterans Affairs.
Informational only; not a commitment to lend, an approval, or a quote. Every figure on this page is a program parameter read from Lendmire’s guideline source, built on VA’s published rules, and may change without notice; eligibility, the loan amount, the fee, and the residual-income test depend on the Certificate of Eligibility, the credit profile, the property, and underwriting. Lendmire is a mortgage broker licensed in sixteen states for consumer mortgages and is not affiliated with the Department of Veterans Affairs. NMLS #2371349.
What a VA loan is — and how the file is qualified.
A VA loan is an ordinary mortgage from a private lender wrapped in a federal promise: if the loan fails, VA covers part of the lender’s loss. That promise is what lets a San Rafael lender skip the down payment and the mortgage insurance, and the four cards below take the file apart piece by piece.
For the program overview, see Lendmire’s VA loan program, or the statewide guide at VA Loans in California; to request a Certificate of Eligibility, see VA.gov.
The guaranty replaces the down payment
The guaranty is a promise from VA to the lender, not a loan from VA. On a San Rafael file it covers a share of any loss, so the lender can lend the full purchase price, up to the appraised value, without a down payment and without charging for mortgage insurance; the funding fee is what the borrower pays for that promise.
Eligibility, entitlement, and the COE
The Certificate of Eligibility is the document that opens the file. It states the entitlement available, whether the funding fee is waived, and any prior use of the benefit. A San Rafael lender can usually pull it within the VA system from a DD-214 or a statement of service, and VA.gov issues it directly as well.
The funding fee, and who is exempt
Veterans receiving VA compensation for a service-connected disability pay no funding fee, and neither do surviving spouses receiving Dependency and Indemnity Compensation, Purple Heart recipients on active duty, or those rated before discharge. On a San Rafael file the exemption is confirmed on the COE and removes the funding fee, the program’s one charge of its own.
Residual income over ratios
The ratio VA names is a guideline; the residual-income table is the standard. A San Rafael file above the ratio can be approved when residual income clears the table by a fifth or more, and a file below the ratio can still be declined when residual income falls short, which is the reverse of how FHA and conventional loans read a budget.
Change any of it in the calculator below: the San Rafael price, a down payment if you want one, the fee tier, the term, the rate, and the escrows. VA supplies the fee table, the ratio guideline, and the residual-income figures; the payment is simply what those produce.
Where San Rafael’s veterans and service members buy — and how VA fits.
Residual income is measured against a real payment on a real San Rafael price, so the market matters before the file does. The Census figures below describe that market: ownership, home values, and household income.
Market context only. Income is the residual-income input, value is the loan and the fee, and family size is the row in VA’s table. The Census describes the first two for the market; the file supplies all three for the borrower.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct San Rafael neighborhoods, distinct VA files.
A San Rafael condominium, a half-century-old family home, and a new subdivision house are three different VA files: different project approvals, different property findings, different funding fees in dollars. The six submarkets below show the range.
Higher-value homes
For a high-value San Rafael file, the question is entitlement rather than a limit. Full entitlement carries the loan with nothing down. With remaining entitlement, the county figure comes into play, and a lender may require a down payment on the uncovered portion. The median owner-occupied home value in San Rafael runs near $1,355,600 on the latest Census estimate.
Service members and the occupancy rule
Where San Rafael sits near a base or a reserve center, VA files cluster in the neighborhoods service members choose, and the occupancy rule bends there in defined ways: a spouse can occupy for a member on orders, and a veteran may later rent the home out after living in it. San Rafael is home to about 60K people and sits within the San Francisco-Oakland-Fremont, CA area.
Condominiums and townhomes
For many San Rafael veterans the first VA purchase is a condominium, and the only question VA adds is whether the project is on its approved list. If it is, the file reads like a house file with the dues in the ratios; if not, the lender can submit the project. About 47% of San Rafael’s households rent — roughly 10,770 renter households on the latest Census estimate.
Newer infill and recent construction
New rows and recent infill in San Rafael tend to appraise without findings, which moves the question to price. With full entitlement there is no loan limit, so a contract above the county conforming figure is still a nothing-down VA purchase, tested on residual income at that payment. Median household income in San Rafael sits near $119,435 on the latest Census estimate.
Two-to-four-unit homes
The small multi-unit San Rafael purchase is where VA’s leverage goes furthest: no down payment on two to four units, the buyer living in one, and the documented rent from the others helping the ratios and the residual income. Roughly 12,140 San Rafael households own their homes on the latest Census estimate — 53% of all households, the pool a VA purchase joins.
Established close-in neighborhoods
An older San Rafael house is a fine VA purchase; the property requirements are the hurdle, not the age. Buyers who expect a repair list write the contract with room for it, and a wood-destroying insect inspection is ordered where VA calls for one. On a home at San Rafael’s median value, a VA purchase with full entitlement needs no down payment at all — the funding fee on the full $1,355,600 is the program’s cost, and it can be financed.
Neighborhood sets the price and the property type; VA sets the rest. The guaranty, the funding fee, the ratio guideline, and the residual-income table apply identically on every San Rafael file, and full entitlement carries no loan limit anywhere in the county.
Four ways San Rafael veterans put the VA benefit to work.
A good use of VA is one the program’s shape fits: no down payment, no mortgage insurance, residual-income underwriting, and a guaranty that scales with the loan. Four common San Rafael uses follow.
Refinance an existing VA loan
A San Rafael homeowner with an existing VA loan can refinance through VA’s rate-reduction refinance loan, known as the IRRRL or streamline: a small funding fee, no VA appraisal, limited documentation, and a net tangible benefit required. The lender checks the loan’s payment history.
Buy a first home with nothing down
The most common San Rafael VA file: a veteran with steady income and full entitlement buys at the appraised value with no down payment, finances the funding fee, and pays no mortgage insurance; the seller can cover closing costs, with VA’s cap applying to concessions beyond them.
Buy a small multi-unit home and live in one unit
A San Rafael duplex, triplex, or fourplex becomes a VA purchase the moment the buyer commits to occupying one unit. The guaranty covers the loan the same way it covers a house, and the other units’ rent is documented toward the ratios and residual income the way VA permits.
Take cash out of a home with equity
Cash-out on VA is a full refinance of the first mortgage at the leverage in the snapshot, after the later of the seasoning period or the required payments, with the funding fee at the cash-out tier. A San Rafael owner weighs it against a home equity line, which keeps the existing first mortgage in place.
Estimate the VA payment on a San Rafael price before requesting a quote.
Before you ask for a quote, size the payment yourself: the San Rafael price, the fee tier, the term, the benchmark rate, and the escrows go in, and the funding fee table and the residual-income figures come from the same guideline source as the block above. The result is an estimate, and the rate is a published market average, not an offer.
San Rafael VA payment estimate
The starting figures are a typical San Rafael price with nothing down and a first-use fee. Replace them with yours.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a VA loan quote.
Illustrative starting assumptions: a $1,355,000 price near San Rafael’s median owner-occupied home value, no down payment with full entitlement, a first-use funding fee financed into the loan, a thirty-year term at the current Freddie Mac benchmark, property taxes and insurance estimated for California (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a VA loan quote; your rate is set by the lender at lock. The funding fee follows VA’s published table for the use and down payment entered; the residual-income figure is VA’s guideline for the region and family size, and the rough residual shown subtracts only the housing payment and the debts entered, while VA also deducts taxes, maintenance and utilities. Taxes, insurance and dues are editable estimates; closing costs are not included. Licensed in sixteen states for consumer mortgages. Lendmire is not affiliated with or acting on behalf of the Department of Veterans Affairs.
Same veteran, three very different closings.
Eligibility, entitlement, the cash available, and the expected length of the loan decide which program wins. Here are the three, one next to the other.
VA, FHA, or conventional.
VA fits nearly every San Rafael buyer who holds eligibility: the leverage is complete, there is no insurance line in the payment, and the fee is paid once. Partial entitlement, a property that fails VA’s standards, or a fee tier that outweighs a short hold are the cases where another program competes.
Where VA charges a one-time fee, FHA charges a premium every month and an upfront premium at closing. FHA fits the buyer with no entitlement or a property VA will not approve; it rarely wins for a San Rafael buyer who holds a COE. See Lendmire’s FHA loan program.
Conventional is the comparison for a veteran with savings: with twenty percent down there is no mortgage insurance and no funding fee, and the payment can beat VA with a financed fee. Below that down payment, VA usually wins for a San Rafael buyer. See Lendmire’s conventional loan program.
Which program fits best depends on the borrower’s numbers once eligibility is known. VA can come out ahead with a COE and full entitlement, conventional can for a veteran with twenty percent down and no fee exemption, and FHA is the fallback where the benefit is unavailable. The comparison is run on the actual numbers, in writing.
What to prepare for a San Rafael scenario review.
Gather these before a San Rafael review: ordinary mortgage documents plus the proof of service that opens the file.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, entitlement, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
Check these before leaning on any number for San Rafael: entitlement, the funding fee tier, the appraisal and VA’s property standards, the condominium approval, residual income, and occupancy.
Use these checks to keep the San Rafael file clean and fundable.
The list is short because the program is: entitlement, the fee, and the property decide most San Rafael files before income is even opened.
- Confirm the entitlement: the COE states the entitlement available; full entitlement carries no loan limit.
- Know the fee: the fee can be financed, paid at closing, or paid by the seller.
- Plan the exit: the seller should obtain a release of liability.
Full or remaining entitlement
Two veterans, two COEs, two different loans: one with full entitlement buys above the conforming limit with nothing down, the other with an earlier loan still open brings a down payment on the uncovered portion. A San Rafael loan officer reads the certificate before anything is sized.
The funding fee tier and the exemptions
Financed, the fee raises the loan balance and the payment; paid at closing, it raises the cash to close; paid by the seller, it counts toward the concessions cap. Which is best on a San Rafael file depends on the tier and on how long the home will be kept, and the loan officer shows all three ways side by side.
Assumption and release of liability
Years after closing, the assumption clause can matter more than the rate: a San Rafael buyer may take over the loan with the lender’s approval. The original veteran should ask for a release of liability and, where the buyer is also a veteran, a substitution of entitlement.
Seller concessions and the fees a veteran may not pay
VA caps seller concessions as a share of the value: prepaid items, the funding fee, and payoff of a buyer’s debts count toward the cap, while ordinary closing costs the seller agrees to pay do not. A San Rafael contract that uses the cap well can leave the buyer with little cash to close beyond the deposit already paid.
Occupancy and the reasonable-time rule
Occupancy is certified at closing and enforced by VA, with allowances for deployment, extended duty, and retirement within a year. A San Rafael file with a non-occupying borrower who is not a spouse or another veteran changes the guaranty and usually the loan.
From a San Rafael Certificate of Eligibility to keys in hand.
Four steps: the certificate and pre-approval, the appraisal, the underwriting, and the closing. The San Rafael version of each follows.
COE and pre-approval
The first conversation settles the shape: whether entitlement is full, whether the fee applies, what residual income supports, and whether VA is the right program next to FHA and conventional for the San Rafael purchase. The lender can pull the COE directly.
Contract and appraisal
The San Rafael contract sets the price and the concessions; the appraisal sets the value and the condition. Both feed the loan amount, and the lender confirms the project approval and the wood-destroying insect inspection where VA requires one for the state before underwriting begins.
Underwriting
An automated approval still runs the residual-income test; a manual file is read against the guideline and the table. Either way, the San Rafael underwriter verifies the income, the assets, the credit history, and the property, and issues the approval with its conditions.
Closing
At closing the funding fee is added to the loan or paid, the escrows for taxes and insurance are set up, and there is no mortgage insurance to begin. A San Rafael buyer signs the note and the security instrument, certifies occupancy, and VA’s guaranty attaches to the loan.
A brokerage that puts the benefit to work.
The case for a brokerage on a VA loan is candor with numbers: VA beside conventional on the same inputs, the fee tier stated outright, the entitlement checked first, and the terms in writing.
Three programs, one set of numbers
Before any recommendation, VA, FHA, and conventional are run on the same San Rafael price, income, and down payment. The buyer sees the payment, the insurance or fee line, and the cash to close for each, and the choice follows the figures.
The fee and the entitlement explained before the offer
The fee is the program’s cost and the entitlement is its reach, and Lendmire explains both first rather than last: how much the fee is, whether it is waived or refundable, and what the certificate supports for a San Rafael buyer at the price in hand.
Licensed, consumer-purpose, in writing
Lendmire is licensed in sixteen states for consumer mortgages, each loan is a consumer-purpose transaction with the full set of disclosures, and every figure a San Rafael buyer relies on, from the fee to the leverage to the final terms, comes in writing from a licensed loan officer.
Trusted by veterans & families alike.
San Rafael VA loan FAQs
The questions below come up on nearly every San Rafael VA conversation. The answers are general; the figures in the snapshot above are the program’s current parameters.
What is a VA loan, and who is it for?
A home loan benefit earned through military service. VA does not lend the money; it backs part of a loan a private lender makes, which is what allows the lender to waive the down payment and the mortgage insurance. It fits any eligible San Rafael buyer purchasing or refinancing a home they will live in.
Who is eligible for a VA loan in San Rafael?
Service decides it: a minimum period of active duty, a qualifying period in the Guard or Reserve, or eligible surviving-spouse status, with a character of discharge VA accepts. A San Rafael buyer unsure of the answer can request the certificate from VA.gov or have the lender pull it.
How do I get a Certificate of Eligibility?
The lender is usually the fastest path, and VA.gov the next. The certificate shows available entitlement, prior use of the benefit, and any funding fee exemption, which is why a San Rafael loan officer wants it before sizing the loan.
What is the VA funding fee, and do I have to pay it?
The funding fee is a one-time charge VA collects to fund the guaranty, set as a share of the loan by first or subsequent use and by the down payment, as the snapshot ladder shows. It can be financed, paid at closing, or paid by the seller as a concession. Veterans receiving compensation for a service-connected disability, surviving spouses receiving DIC, Purple Heart recipients on active duty, and service members rated before discharge are exempt.
Is there a VA loan limit in San Rafael?
Not with full entitlement: VA backs a quarter of the whole loan, so a San Rafael buyer with full entitlement can finance above the conforming limit for the county, which this page never quotes, with no down payment, up to the ceiling the wholesale programs set. With remaining entitlement the county conforming figure enters the calculation and a lender may require a down payment; a Lendmire loan officer confirms the figure for the county.
Do I have to live in the home to use a VA loan?
You do, within a reasonable time after closing. The rule has sensible exceptions for military life, and it does not prevent a San Rafael veteran from renting the home out after living in it; the loan stays in place.
Can the seller pay my closing costs on a VA loan?
Sellers may pay closing costs and, within VA’s cap, concessions that include the funding fee and prepaids. A San Rafael contract structured that way can close with no down payment and little cash beyond the deposit.
Do I need a down payment for a VA loan?
Usually not. The guaranty does the work a down payment does elsewhere. A San Rafael buyer may still choose one to lower the fee or to keep the payment down, and must bring one when the appraisal comes in under the price or entitlement is partial.
Can I get a VA loan after a bankruptcy or foreclosure?
After the waiting period, yes. Each credit event (a bankruptcy, a foreclosure, a short sale) has its own period counted from a specific date, and the lender confirms it from the discharge or transfer papers; gather those dates before the review.
How does a VA refinance work?
VA refinances come in two shapes, and the funding fee applies to each unless the veteran is exempt. A San Rafael owner with an existing VA loan usually starts with the IRRRL; an owner taking cash out needs the seasoning period and the program’s cash-out leverage.
VA, FHA, or conventional for San Rafael: compared on your numbers.
A San Rafael VA purchase starts with three questions: eligibility, the fee, and the price. Lendmire answers them, compares the programs, and writes up the one that fits.
This guide covers San Rafael — for the statewide guidelines, markets, and scenarios, see VA Loans in California, part of Lendmire’s VA loan program.
Nearby markets in California: Novato · Richmond · Berkeley · Vallejo · Petaluma · Daly City · Oakland · Alameda
Related programs: Conventional Loans · FHA Loans · Jumbo Loans