CALL TODAY FOR A 15 MIN PRE- QUALIFICATION!480 - 832 - 4343
LET'S GO VA!
Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military, or veterans become homeowners at an affordable cost. VA mortgage loans ask for no down payment, requires no mortgage insurance, allows for flexible guidelines as well as many other advantages. Let's get started today!Show Less
LET'S GO VA!
Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military, or veterans become homeowners at an affordable cost. VA mortgage loans ask for no down payment, requires no mortgage insurance, allows for flexible guidelines as well as many other advantages. Let's get started today!
How does a VA actually work?
The VA home loan program is specifically for veterans, active military and surviving military spouses, although there are a few basic service requirements each must initially meet. Those interested likely meet the service requirements if the potential homebuyer served 181 days on active duty during peacetime; 90 days on active duty during wartime; or served six years in the Reserves or National Guard – unless otherwise eligible.
The Department of Veterans Affairs does not issue VA home loans, but guarantees a portion of each mortgage to be paid in the event that the purchaser is unable to fulfill the loan.
Disclosure: This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).
What are the requirements for a VA loan?
Unlike conventional loans, VA mortgages offer the unique benefit of $0 money down. In fact, 9 out of 10 VA loan borrowers do not place a down payment. This benefit is here to make the purchase of a house easier and more accessible to those who have served our great nation.
Additionally, with the VA home loan program, you do not have the additional monthly cost of private mortgage insurance (PMI). This adds up to a substantial savings for VA homebuyers over the life of their loan.
And, if that isn’t enough, VA loans offer lower closing costs, highly competitive interest rates and carry no penalties if the loan is paid early.
Main points of qualification for VA loans
Borrowers with lower credit scores are more likely to get approved if they apply for a VA loan. Scores can go as low as 580, however, we will most likely need an explanation of the reason the credit is challenged.
With a VA mortgage, you have an advantage over FHA when it comes to how much you can borrow. The maximum loan amount requirement for a VA mortgage in Arizona is $417,000. For a Veteran with full eligibility, VA guarantys up to 100% of their home value.
Debt to Income Ratios – What’s This?
To qualify for a VA loan, you’ll need to have reasonable debt to income ratios. This means that the amount you spend on monthly payments needs to be “reasonable” when compared to your monthly income. In general, 41% is the maximum debt to income ratio allowed, but in some cases it’s possible to get approved up to 44% with favorable circumstances.
VA Residual Income
The VA requires military borrowers to meet or exceed a minimum residual income threshold, which varies by individual family size and cost of living by geography. What does that mean? You need to have money left in the bank depending on your family size, after you’ve paid all your bills each month.
Erin H19 Mar 2019
Aubrie and her team were so helpful every step of...read more
Spencer P29 Aug 2017
Derek and Alan were awesome to work with and made...read more
Glen W04 Jul 2017
Awesome Service...I have already referred my friends to Parker Turk...read more
Bruce L04 Jul 2017
Rex Duffin was great! He was always available, even after...read more
Stephen H07 Jul 2017
Parker Turk did a great job! We couldn't be happier...read more
Bobeta P24 Aug 2017
Rex Duffin did a great job with my reverse mortgage.read more
Virginia A24 Aug 2017
Parker Turk and his team was helpful, friendly, and prompt...read more
Donald V31 Aug 2017
Rex Duffin was very helpful in explaining to us in...read more
Ronald F29 Mar 2017
Rex and Scott were great to work with. As out...read more