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Arizona VA Home Loan Programs Available

VA loans are mortgage loans backed by the Veterans Affairs department. They’re generally made for veterans and military service members to help them become homeowners. The VA is responsible for settling any loan defaults. There are usually set limits on how much you can qualify. The benefits of VA loans include low-interest rates, no down payment is needed, and 100% financing of the value of a property.

It’s possible to buy land with a VA loan, although you must build a new home straight away. Even if you’re planning to build your dream home, later on, it’s not possible to buy land using a VA loan. You can only purchase land using a VA loan under three conditions i.e.

  • Buy land and start building simultaneously using your VA loan
  • Use other financing means to purchase land and build a home and later refinance the loan.
  • Use other financing options to purchase land and use a VA loan for the building.

Generally, you can afford a home that goes up to $548,250. Sometimes you can get a home whose value exceeds $800,000. However, your limit will largely be influenced by your entitlement. Technically, you can get any amount you want. The limit is usually based on the amount of money you can get without making any down payment.

The veteran’s affairs department has no minimum set credit score for borrowers. It’s the lenders who determine the minimum credit score. Most lenders require borrowers to have a minimum credit score of between 620 and 640. If you have any credit score lower than this, your VA loan will be declined.

What Are the Benefits of a VA Loan?

Arizona VA mortgage loans offer various benefits to those who qualify. These include:

  • Don’t require a down payment
  • Borrowers can obtain a fixed loan for 15 or 30 years
  • The seller can assist the buyer pay 4% of the closing costs and his/her debt to increase the buyer-debt-to-income ratio. Therefore, increasing a buyer’s chances of obtaining this loan
  • Don’t include mortgage insurance premiums or PMI or prepayment penalty
  • You can use a VA loan to buy a new home or refinance an existing mortgage
  • They feature low closing costs and have no limits on the amount a buyer can pay
  • Interest rates are lower than average, as with FHA loans
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Veteran Home Owner | VA Loan

What Are the Requirements for a VA Loan?

Like all loans, certain things can make one eligible or not for a VA mortgage. These are some requirements for obtaining this loan:

  • Active duty of at least 90 days for veterans that served during wartime
  • Those who served during peacetime must have an active duty of at least six years
  • A minimum service of 6 years is required for veterans who served in the Reserves or National Guard
  • You’re the spouse of a veteran who died on active duty or due to a disability caused by their services. Children of a deceased or living veteran aren’t eligible for a VA loan
  • A veteran shouldn’t have been dishonorably discharged
  • Borrowers must provide a certificate of eligibility and a statement of service or DD214 for military personnel and discharged veterans, respectively
  • You must prove your military service by mailing a standard form 180 to the right custodian of military service records

What Are VA Loans Assistance Programs?

Several programs are available to help buyers pay the closing costs for the VA mortgage. These include:

Home Plus Program

Generally, veterans are offered 100% financing on Arizona VA loans. Thus, one can use money from this program to cater to the closing costs. Therefore, you’ll not need to pay a down payment, which means you finance an Arizona home without using any money from your pocket. If you live in Pima and Maricopa counties, you can take advantage of this program.

Home in 5 Program

This program is suitable for those purchasing a home in Maricopa county. It offers great down payment and closing assistance of up 3% for qualified VA borrowers. They have the money readily available and offer it with no strings attached, even for those buying a home for the second time.

Pima Tucson Homebuyer’s Solution

The program offers the same benefits as the VA Home in 5 Program. You get a 4% assistance of the loan amount for the down payment, and the money is readily available. Plus, you don’t have to be buying a home for the first to qualify. And there’s no requirement for repaying the grant.

VA Mortgage Arizona Waiting Periods

The waiting period depends on your credit event. For instance, if you’re taking the VA loans after a foreclosure, you’ll wait for two years after the foreclosure. And those taking it after a short sale will not wait as long as they are approved. Also, the waiting time after a chapter 7 bankruptcy is two years.

Female Soldier VA Loan
Female Soldier VA Loan


It’s not mandatory to have a home inspection before getting a VA loan, although it can be beneficial. VA loans only require a VA appraisal for checking if the property is safe or not. Although a standard home inspection isn’t mandatory, it’s more important than a VA appraisal because it’ll help you avoid some costly repairs or replacements.

The application of all mortgage loans involves a process that can be sometimes daunting. Borrowers can follow the following process to apply for a VA home loan:

  1. Choose a VA-approved lender who specializes in VA loans for the process to be a bit quicker.
  2. Get a certificate of eligibility to show that you’re eligible for the loan.
  3. Pre-qualify for the VA loan to understand various aspects like debt-income ratio, credit score, etc.
  4. Find homes for sale and ensure you sign an agreement
  5. Application processing by the lender
  6. Close on the VA loan

A VA loan works differently from other home loan types. The veteran’s affairs department doesn’t give out the loans but guarantees that they’ll be responsible for settling the debt in case of any loan default. This not only increases the lenders’ confidence levels but also makes them provide low-interest rates and friendly terms to the borrowers. For instance, you won’t pay any down payment or for PMI.

It’s possible to purchase a foreclosed home with a VA loan. Generally, you can buy any property with a VA loan provided that you follow the laid down procedures and guidelines. If the foreclosed home doesn’t have any safety concerns and its condition isn’t questionable, you have the right to purchase it.

You can build a home using a VA loan, although the process involved isn’t easy. Most lenders usually shy away from giving home construction loans due to the increased risk involved. The only viable option is to find other financing options to build a home and refinance it into a VA loan.

The veteran’s affairs department usually guarantees a loan after it’s closed. This means that the lender won’t suffer any loss in case the borrower defaults. Generally, VA covers up to 50% of loans amounting up to $45,000. For VA loans with a greater value than $144,000, the maximum guarantee is 25%.

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VA loans are good for those buying their first home and don’t have the capacity to make a down payment. Secondly, there are no stringent conditions that can make qualifying for a VA loan difficult. Thirdly, you’ll pay lower monthly rates since you won’t be required to pay mortgage insurance premiums. Lastly, VA home loans also have low funding charges for new home buyers.

It’s possible to refinance your conventional mortgage with a VA loan through the VA Cash-Out refinancing. A borrower will undergo all processes, including income verification, credit score checking, home appraisal, etc. However, these guidelines will vary from one lender to another.

Refinancing your VA mortgage isn’t something that you should think about overnight and implement straight away. Certain factors will determine when you should refinance your mortgage as follows:

– Is there a drop in interest or not
– Duration you’ve paid your mortgage
– Is there an adjustable-rate mortgage
– Duration you want to own the home

You can get a VA loan as many times as you want. Generally, there are no limits provided that you can qualify for the loan. You can get both primary and secondary entitlements. Apart from getting a VA loan for a second time, getting even two VA loans simultaneously is also possible.

Yes, you can use your VA home loan for a second home. VA loans are meant to help people get primary properties where they’ll reside in the long run. With a VA loan, you can buy a second home. However, you must first live in the property for some time and then convert it to into an investment or rental property where you can rent out to make a living.

All mortgage loans have closing costs, including recording fees, credit reports, appraisals, title insurance, tax service, attorney fees, etc. Closing costs will vary depending on the lender, loan type, and loan amount. Therefore, whether you’re getting a home purchase loan, Cash-out refinance loan, Native American direct loan, and interest rate reduction refinance loan, the value of closing costs will depend on the factors named above.

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