Home Benefits for Arizona Veterans who want to purchase a home with a VA loan

November is a great time to recognize the contributions of Veterans. But did you know that there are benefits when it comes to homeownership that are available for Veterans year-round? Here are a few that are worth a special salute.

VA Home Loan

One of the biggest benefits that Veterans have access to is the VA home loan. This loan is secured by the Department of Veterans Affairs and allows lenders to approve qualifying Veterans for a home loan, or mortgage, with a 0% down payment and NO mortgage insurance. There are some limitations, such as a time in service requirement as well as the type of discharge that the Veteran received.   Eligible veterans are also exempt from the VA funding fee.

This home loan is also available to active duty service members, some military spouses, and some members of the National Guard or Reserves. If you think that you may qualify, working with a lender to determine eligibility is a good step. It also helps to find a real estate agent who is familiar with the VA loan process.

VA Loan Benefits

A VA loan is a great way we can show our gratitude to you for serving our country.  There are no loan limits on how much you can purchase with your VA loan.  Loan amounts that fall above the conventional conforming loan limit are classified as VA High balance loans.  If you currently have a VA loan there are benefits available to you when refinancing whether it be to pull cash out or lower your interest rate.  If you are refinancing be sure to ask about the benefits of a VA IRRL.  To find out if you are eligible for a VA loan reach out to your local mortgage broker.