July 1st, 2020 3:42 PM by Nathan Rufty
The U.S. Department of Veterans Affairs (VA) helps service members, veterans, and eligible surviving spouses become homeowners by providing a home loan guaranty benefit. VA loans are provided by private lenders, such as banks and mortgage companies. Borrower eligibility for VA homeownership programs is determined by meeting minimum standards for length of service, which is confirmed by VA with a Certificate of Eligibility. Each veteran has a guaranty entitlement, which is a minimum of $36,000 and a maximum of 25 percent of the county loan limit. The guaranty is the amount VA will pay the lender in the event of a foreclosure. The guaranty effectively takes the loan-to-value (LTV) ratio down to 75 percent. The VA Home Purchase Loan program has made mortgage credit available to many veterans who otherwise would not be able to obtain a loan.
Glendale, Arizona VA Loan limits:
VA loan limits vary by county and are currently the same as those set by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac (conforming loan limits). Although VA does not set a cap on how much a veteran can borrow to finance a home purchase, the department will only guarantee 25 percent of the VA loan limit. Therefore, lenders may require veterans to make a down payment on loan amounts that exceed the limits.
Glendale, Arizona VA Loans Income limits: This program has no income limits. Credit: VA does not require a minimum credit score for a VA loan, but lenders may set their own requirements.
Glendale, Arizona VA Loan First-time homebuyers: First-time users of their VA eligibility get a lower funding fee. Generally, all veterans using the VA Home Purchase Loan guaranty pay a funding fee. The funding fee is a percentage of the
VA Purchase Home Loan Benefits for Glendale, Arizona residents:
Ready to get qualified for your VA home loan in Glendale, Arizona? Call Nathan Rufty at (623) 850-1210.