Arizona VA Mortgage Loans

God Bless Our Veterans!

A Veterans Administration, or VA, guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard and/or retired members of our armed forces.  Like any other loan, Arizona VA Mortgage loans have some requirements to meet which we will discuss below.

But first, some benefits available through an Arizona VA Home Loan include:

• Using the loan to purchase a home or to refinance an existing mortgage.
• No down payment and no Private Mortgage Insurance, or PMI, is required.
• There is a limitation on buyers closing costs.
• They are 30 year fixed loans.
• The Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio.
•  Interest rates are similar to FHA rates. You don’t need perfect credit.

You should also understand the term “guarantee” when discussion Arizona VA Mortgage Loans.  Since the VA itself does not actually lend the money, they cannot guarantee that you will qualify for the loan.  The “guarantee” is actually to the lender…the VA will guarantee that the lender will be paid if the borrower defaults on the loan.

There are a few key pieces of information you will need to be aware of if you’re considering an Arizona VA Home Loan:

• There are some requirements of service.  One is that you could not have been dishonorably discharged.  There are also “90 days of service” requirements as well.
• The children of a living or deceased veteran are not eligible for the home loan benefit.
• A surviving spouse of a deceased veteran who died on active duty or as a result of a service-connected disability IS eligible for the home loan benefit.
• Discharged veterans will need their DD214.  A statement of service will be required for active military personnel.
• A Certificate of Eligibility (COE) will be required to determine VA entitlement.
• A Standard Form 180 mailed to the appropriate custodian of military service records is used to obtain proof of military service.

Please remember that applying for an Arizona VA Mortgage Loan does not necessarily mean you will qualify.  Each lender has different qualifications including minimum FICO/credit scores, debt-to-income ratios, and maximum loan amounts.  However, your lender can help you attain your certificate of eligibility on your behalf.

For additional information, we invite you to complete our ‘Get Info and Quotes’ form today!