VA Loans Sierra Vista
VA Loans just might be the perfect home financing option for eligible Veterans looking to purchase new Sierra Vista home. Whether you are a Veteran, active-duty service member or PCS’ing to Fort Huachuca, my team and I are here to help you through the process.
WHAT IS A VA LOAN?
Established to empower Veterans in achieving homeownership, the Department of Veteran Affairs (VA) simplifies the loan process. VA loans offer more relaxed requirements compared to tradional mortgages, enabling countless Veterans to secure their dream home. If you meet the VA’s eligibility criteria, a VA home loan presents a wealth of advantages.
VA Loans - Who is eligibile?
Reasons To Obtain A VA Loan
No Down Payment
Lower Interest Rate
No PMI Required
The Top 10 Commonly asked VA loan questions
What are the advantages of a VA loan?
Click to seeVA loans offer several benefits, including no down payment requirement, no private mortgage insurance (PMI), competitive interest rates, and flexible underwriting standards. They also come with no prepayment penalty, limited closing costs, and an assumption feature
What is the VA Loan limit in Arizona?
Click to seeWhat is the VA Loan limit for Arizona? Major changes enacted as part of the Blue Water Navy Vietnam Veterans Act of 2019, a law that came into effect on Jan. 1, 2020, eliminate the limits for borrowers with full entitlement to VA loans. This means a qualified Veteran borrower in Arizona with full entitlement can purchase a home ABOVE the VA loan limit of $766,550. So yes, you could buy a $1,000,000 home in Arizona and put no money down (you still have to qualify for a loan that high).
How much can I borrow with a VA loan?
Click to seeThere is no maximum loan limit for VA loans as of January 1, 2020. Borrowers can obtain a loan with no down payment, subject to their qualification for the loan
Can I shop around for a VA loan?
Click to seeYes, the VA encourages shopping around for a VA loan since banks, credit unions, and mortgage lenders set their own rates and fees
Does the VA loan have a prepayment penalty?
Click to seeNo, VA loans do not have prepayment penalties, allowing homeowners to refinance or sell their home at any time without a penalty
Can I get a fixed-rate VA loan?
Click to seeYes, the VA offers both fixed-rate and adjustable-rate mortgages (ARMs), providing options based on the borrower’s needs
What are the minimum requirements to get a VA loan?
Click to seeApplicants must demonstrate VA eligibility, verify income and assets, show acceptable credit history, and meet the VA’s standards for “leftover” income after monthly expenses
How difficult is it to get approved for a VA loan?
Click to seeVA loans are relatively easy to qualify for if you meet the eligibility requirements, as the government backing reduces lender risk, allowing for more flexibility in loan approval. Learn more here: Getting Approved For A VA Loan: How Difficult Is It?
Do I have to purchase PMI with a VA loan?
Click to seeNo, one of the significant benefits of VA loans is the absence of PMI, regardless of the down payment size.
Will my offer be competitive in the market if I use a VA loan?
Click to seeDespite some misconceptions, VA loans can be very competitive. Strategies such as obtaining pre-approval, offering earnest money, and including a personal letter can enhance the competitiveness of an offer.
How do I refinance a VA loan?
Click to seeThe VA Interest Rate Reduction Refinance Loan (VA IRRRL) allows for refinancing to a lower interest rate or monthly payment, with minimal paperwork since it’s a streamline process for existing VA loan holders. Learn more here: 2024 VA IRRRL Guide: Save On Your Mortgage Today!
Joseph Small and Team at Patriot Pacific Financial Corp – Arizona’s VA Home Loan Experts! – have 20+ years of experience of helping eligible veterans and active-duty service members use their VA home loan benefit. Joseph is also a certified Veteran Mortgage Advisor. Give us a call to get started. #whoyouworkwithmatters
Joseph Small is also licensed in South Carolina (MLO-380188) and North Carolina (I-219980), if you need assistance with a purchasing a home.
**All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Patriot Pacific Financial Corp is an Equal Housing Lender.