How Do VA Loans Work in Arizona?

Arizona Home for Veterans

One of the ways our government shows support for those who have served is through the offering of VA loans. VA home loans are a federally sponsored government programs created by the Department of Veterans Affairs, or VA, to help veterans and their families secure home loans with little to no money down.

Arizona VA loans are passed through the Veterans Benefits Administration which is the legal body that guarantees each loan, protecting the lender in event of non-payment. All active-duty and veteran service members are eligible for VA loans with Arizona also offering down payment assistance to make the purchase even smoother.

What An Arizona VA Loan Covers

Every home purchase comes with extra costs that aren’t part of the listing price. Closing costs add up quickly when you factor in insurance, interest and taxes. While these may require you to have a little cash available, it’s important to note that any fees associated with the broker or real estate agent can not be passed on to the service member.

Aside from that, a majority of VA loans cover the entire cost of purchasing a home meaning you’ll have zero out-of-pocket expenses for a new Arizona home. For the times a down payment or closing cost bill needs paid, there are multiple grant programs in Arizona that can help cover the difference.

Pairing Federal VA Loans with Arizona Programs

The VA loan will offer full financing with other programs helping to cover closing costs. The Home Plus program is one of the many options available, and one of the best. It can help with down payments up to 2% or $19,200. Combining your Arizona VA mortgage with the Home Plus program can help seal in a no out-of-pocket expense purchase.

VA Mortgage Eligibility

The most surefire way to verify your eligibility for a VA loan is directly on their government site. For the most part, all active duty and veteran service members are eligible for the program with spouses of members who passed away on active duty or became MIA or a POW. Each member will receive a Certificate of Eligibility, or COE, that details how much they are eligible for in regards to various benefits from the VA, including home loans.

Don’t forget that just like other home loans, there are exceptions on traditional VA loans so please be sure to check with the Potempa Team for more details.

If you’ve gone through bankruptcy, foreclosure or conducted a short sale on your previous home, you may be subject to additional waiting periods for an Arizona VA loan. Find out what you’re eligible for and see how the Potempa Team can help you find the perfect home that honors your service to our country.

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