A VA home loan is an outstanding option for a veteran looking to finance the purchase of a home or refinance an existing mortgage. VA loans offer:
VA Mortgage Benefits
- 0% down payment: VA allows for veterans to put 0% down on a mortgage for the purchase of a primary residence. This is true for conforming and JUMBO VA loan amounts.
- No mortgage insurance: A VA mortgage has no monthly mortgage insurance payment unlike many other loan types that charge MI with less than 20% down. VA does charge a Funding Fee to non exempt veterans.
- Competitive interest rates: VA home loans offer veterans low interest rates compared to most other loan types.
- No pre-payment penalty: A VA loan has no prepayment penalty. As a result, veterans are free to refinance and/or payoff their existing loan at any time without penalty.
- Flexible credit guidelines: The VA home loan program is structured to support veterans home buying goals. Therefore, many of the underwriting guidelines provide more flexibility than some other mortgage types.
- Flexible debt to income ratio limits: VA’s more relaxed maximum debt to income ratios often allow veterans to qualify more easily. Additionally, VA’s use of residual income makes qualifying for a VA home loan more flexible.
Phone: 602.435.2149
Email: Team@JeremyHouse.com
Arizona VA Home Loan Guidelines
- Primary Residence: Arizona VA mortgages may be used to purchase a primary residence only.
- Maximum Loan Amount: Currently there is no set maximum VA loan limit as VA now allows 0% down on High Balance VA loans.
- No Down Payment Required: VA home loans require 0% down from a veteran.
- Available Loan Terms: VA home loans offer fixed rate mortgage terms as well as Adjustable Rate Mortgage (ARM) terms.
- Mortgage Insurance: VA has no monthly mortgage insurance. However, VA charges a VA Funding Fee to non exempt veteran borrowers. Learn more
- VA Property Requirements: In order for a property to be eligible for a VA home loan it must meet specific VA property standards.
- Max Debt to Income Ratio: Uniquely, VA does not have a pre-defined maximum debt to income ratio. VA uses debt to income ratio, residual income as well as other factors when determining loan qualification.
- Required Credit Score: VA does not set a pre-defined minimum credit score. Acceptable minimum scores may vary from lender to lender.
- Seller Paid Closing Costs allowed: When using a VA mortgage, the seller is allowed to pay for the buyer’s closing costs. Learn More here about how much seller can pay for each type of cost on an Arizona VA home loan.
Phone: 602.435.2149
Email: Team@JeremyHouse.com
Applying for an Arizona VA Loan
Housed Home Loans is here to guide you though the VA home loan application process. Completing a loan application at no cost is one of the first steps in the process.
VA loan prequalification is typically fast and painless taking just 24 hours on average. Every loan application is unique. We assist you in understanding what your options are and what documentation is required.
We have had the honor to serve those that have served our nation and protected our freedom.
VA Home Loan Resources
- VA NON-ALLOWABLE FEES
- VA FUNDING FEE
- VA APPRAISAL PROCESS
- HISTORY OF THE VA HOME LOAN PROGRAM
- VA PROPERTY GUIDELINES
- VA LOAN LIMITS IN YOUR COUNTY
Why choose Housed Home Loans as your Arizona VA Mortgage Lender?
- Low VA mortgage rates
- We can close a VA loan quickly and on time**
- The HOUSE Team is a phone call or an email away 7 days a week
Phone: 602.435.2149
Email: Team@JeremyHouse.com
Already Have a VA Loan
Learn more about qualifying for a second VA home loan
Phoenix area home-buyers can benefit from utilizing a VA Mortgage. Housed Home Loans processes, underwrites and funds all of our Arizona VA mortgages in-house. This is a huge advantage for all Phoenix area VA homebuyers.
Housed Home Loans can close a VA home 2.5 weeks assuming that the VA appraisal is completed on time without any conditions or value issues.