Count Rental Income Arizona VA Home Loan

One of the changes that has made it more difficult for some Arizona buyers to qualify for a VA mortgage when they want to rent their previous primary residence out and buy a new one are the rules surrounding rental income.  In most cases, a Phoenix area homeowner must have 30% documented equity (doc'd with an appraisal) in order to use rental income to offset an existing mortgage and to qualify.  For example, if the home they are renting is worth $200,000 and they owe $140,000 or less on it they … [Read more...]

VA Funding Fee

The VA Funding Fee is a fee VA charges military veterans for the usage of a VA Mortgage.  The VA Funding fee is a form of mortgage insurance that your Phoenix Arizona VA Mortgage Lender typically finances into a veterans VA home loan at closing.  The Arizona Veteran does not pay this out of pocket unless they want to.  Instead, it is a part of their total and final VA loan amount.  The VA funding fee allows the VA to insure VA loans against defaults.  Therefore it is what allows Arizona VA … [Read more...]