Home Loans Arizona - California - Nevada - Utah

VA Home loans in Arizona are loans guaranteed by the Department of Veterans Affairs which is great option for veterans and service members planning to move to or purchase house in Arizona. With Iowa VA loans, military homebuyers can save thousands of dollars moving to Phoenix, Arizona for service or settling down anywhere else in Arizona. 

Benefits of a VA Guaranteed Loan in Arizona

• No down payment, unless It is required by the lender.
• The purchase price is more than the reasonable value of the property
• No mortgage insurance
• Reusable
• One-time VA funding fee (can be included in the loan) If you receive VA disability compensation, you are exempt from the VA funding fee.
• Minimum property requirements. Ensure the property is safe, sanitary and sound
• VA staff assistance if you become delinquent on your loan
• Can be assumed by qualified persons
• Equal opportunity for all qualified Veterans

Who Is Eligible?

In general, the following people are eligible:

• Veterans who meet service length requirements
• Service members on active duty who have served a minimum period
• Certain Reservists and National Guard members
• Certain surviving spouses of deceased Veterans

Key Underwriting Criteria

• There is no maximum debt ratio. However, the lender must provide compensating factors if the total debt ratio is more than 41 percent.
• There is no maximum loan amount. However, VA does limit its guaranty. Veterans can borrow up to $453,100 without a down payment in most of the country. You can find out the limit in any county at www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp.
• VA’s residual income guidelines ensure Veteran borrowers can afford the loan. These guidelines establish how much money a Veteran must have left over after all debts and living expenses are considered.
• There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile. 

To see if you qualify for a VA Home Loan in Arizona, please call Nathan Rufty at (623) 850-1210