Getting a VA Home Loan in Arizona: Things to Know

The state of Arizona is known for having some of the most breath- taking landscapes and also for being the home of the Grand Canyon. The state is also the location to important military bases such Fort Huachuca, Davis –Monthan Air Force Base and Camp Navajo. Therefore, it is quite natural that the state would have a large veteran population. According to the latest data, the state has more than half a million veterans.

If you are veteran in Arizona and you are looking to buy a property in the state, then you can easily to do that by getting a home mortgage loan backed by the Department of Veteran Affairs of the U.S Federal Government. Such loans, often called VA Loans, have helped a large number of veterans in Arizona to buy their own property. In the following post, we would be looking at some of the things that you should know, before applying for a VA Loan in Arizona.

What Makes You Eligible to Get a VA Loan?

To get a VA Loan, you need to be A veteran of the United States Military who has served for more than 90 days during wartime or more than 180 days during peacetime. Or,

An active member of the Defense Forces, having served more than 90 days. Or, A member of the service who has been honorably discharged from duty. Or, A spouse of a member who has been killed, missing, imprisoned or severely injured while on duty. You would get the benefit only if you have not remarried.

Other Conditions Although the VA backs the loan, the loan itself would be provided by private lenders. In most cases, they have some requirements of their own. For example, most lenders would ask for satisfactory credit score, even though the VA has no minimum credit score requirement. Similarly, if you want to get a VA Home Loan Arizona on favorable terms, then you need to make a higher down- payment. The Department of Veteran Affairs does not require you to pay any down-payments. However, the requirements changes from lender to lender. So, you might need to look around a bit to get a loan on more favorable terms.

The VA Loan Limit is the maximum amount that the VA would guarantee. Contrary to what most people might believe, this is NOT the maximum amount of loan that you would get. Some lenders would offer you an Arizona VA Loan that is considerably higher than the loan limit. But since the loan limit does play a part in determining the amount you would get, it is better to be aware of the loan limits. The VA Loan limit in Arizona is $417,000 for all the counties. VA Loan Limits in Arizona

How to Get a VA Loan?

To get a VA loan Arizona, you need to get in touch with a VA approved lender in Arizona. Some of the leading lenders in the country have their offices in different cities in Arizona and hence, you can get in touch with them with ease. You just need to get in touch with them and they would help you deal with the process without any effort. They would help you with the paperwork and get you pre-approved. Your pre-approval letter would tell you the amount of loan you are liable to get. Once you get the pre- approval letter, you need to search for a property. Most real estate agents would ask for the Pre- approval letter to enter into contract with you. Get into contract with the agent and then the lender would help you deal with other procedures and give you the loan. It’s that simple! So, get in touch with the leading VA Loan Expert in Arizona and live your days in the lap of nature, in beautiful Arizona.VA loan Arizona