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For a first-time VA loan use in ZIP Code 88101, NM with 0% down on a median $164,802 home, the VA funding fee is 2.15% of the loan amount — equal to $3,543. This fee is typically financed into the loan rather than paid at closing. The funding fee is waived for veterans with a service-connected disability rating of 10% or greater, surviving spouses of veterans who died in service or from a service-connected disability, and Purple Heart recipients.

VA loans carry no monthly mortgage insurance — zero. This is the primary cost advantage over FHA and conventional loans with less than 20% down. In ZIP Code 88101, NM, a comparable conventional buyer putting 5% down on a median $164,802 home would pay approximately $93/month in PMI until reaching 20% equity. VA borrowers avoid this cost entirely for the life of the loan, regardless of LTV.

VA funding fee rates depend on down payment size and whether it is a first or subsequent VA loan use. For first-time use: 0–5% down = 2.15%, 5–10% down = 1.50%, 10% or more down = 1.25%. For subsequent use: 0–5% down = 3.30%, 5–10% down = 1.50%, 10% or more down = 1.25%. The fee is completely waived for veterans with a service-connected disability rating of 10% or greater, surviving spouses, and Purple Heart recipients. For a $164,802 home in ZIP Code 88101, NM, the 2.15% first-use fee equals $3,543.

VA buyers in ZIP Code 88101, NM have no monthly mortgage insurance, but still owe property taxes, homeowners insurance, and utilities. For a median $164,802 home: approximately $1,053/yr in property taxes, $1,555/yr for homeowners insurance, and $1,924/yr in energy utilities — adding approximately $378/month to P&I. The VA funding fee of $3,543 is paid once (usually financed) rather than monthly.