VA Loans are one of the last remaining ways qualified buyer’s can purchase a home with no money down and are easier than ever.

The VA Loan program has no formal credit or income requirements however VA Approved Lenders will require a minimum credit score, currently 620 and will look at work and financial history as a whole.  A mortgage loan made by an approved lender and guaranteed by the Department of Veterans Affairs.  They are made available to eligible veterans, see below for “prospective borrower requirements and eligibility”.

Currently eligibility requirements include:

• Military members who’ve served 181 days on active duty or 3 months during wartime
• People who have spent at least half dozen years in the National Guard or Reserves
• Spouses of those killed in the line of duty
• You will need a Certificate of Eligibility (also called a COE) to qualify for a VA Loan whether or not you are a first time user.  Academy can help you obtain your VA certificate or simply click on the following link:  www.homeloans.va.gov
• Some of the prospective borrower requirements are:
• Satisfactory recent credit history
• Satisfactory residual income (borrowers are required to have a certain amount of residual income left over after their mortgage payment each month
• Employment Stability
• Some of the benefits of a VA Mortgage Loan:
• Zero down payment
• All Closing Costs may be paid by the seller
• No Private Mortgage Insurance requirement monthly (PMI)-Mortgage is assumable by other qualified buyers
• You may finance the VA Funding Fee

VA Loan Limits:

The VA currently operates with loan limits that vary depending on where you live.  Throughout most of the United States, those who qualify for a VA loan can purchase a home worth up to $417,000 without a down payment.  In some high-cost areas of the county, that price is actually higher.

I am an Arizona VA Loan Originator Specialist and can answer all of your questions and help you with the mortgage process.  Contact me anytime!