November 19th, 2015 2:40 PM by Sharon Mason
What you need to know about Arizona VA Loans
To all those who have served our country and who celebrated Veteran’s Day last week, thank you for your wonderful service. If you’re an Arizona retiree looking to buy a home for retirement and are a veteran, you may be eligible for funding the Veterans Administration. Veterans Administration (VA) loans are special home loans given to current and past members of the U.S. military. They are guaranteed by the federal government, so there are several perks to VA loans that we afford to our veterans for their invaluable service. Believe it or not, about twenty percent of veterans don't even know about the VA Home Loan program. Here’s what you need to know about Arizona VA loans.
Limits: If you're an active or retired military homebuyer in Arizona you may qualify for a VA loan. The limit for a typical zero down VA loan is $417,000, but there are exceptions made for areas with a high cost of living.
No money down: There are zero down payment requirements unless you go over the typical loan limit of $417,000 for your area. If you go over your area’s limit, you will be required to pay twenty-five percent down payment of the amount over the limit.
Qualifications: To qualify veterans must have been honorably discharged and completed all military obligations. You may also qualify if you served ninety days on active duty during war time, or 181 days during peacetime. To apply for any VA loan you will need proof of service which is either your discharge paperwork or a statement of service signed by the personnel office for veterans on active duty.
One of the many perks of getting a VA loan is that the VA insures about twenty-five percent of every VA loan, and most every veteran or military member qualifies for the program. So if you’d like more information about applying for a VA loan to purchase a home in an Arizona retirement community, please contact Sharon Mason today!
Your Arizona Retirement Expert,
Sharon Mason, Associate Broker
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This communication is provided to you for informational purposes only and should not be relied upon by you. RE/MAX Professionals is not a mortgage lender and so you should contact a qualified mortgage broker directly to learn more about its mortgage products and your eligibility for such products.