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VA loans in Arizona

Thank you for your service. For eligible veterans, service members, and surviving spouses.

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What it is

How it works

Thank you for your service. VA loans are backed by the Department of Veterans Affairs. We help you get your certificate of eligibility and explain what the program asks of you.

Who it fits

  • Veterans who meet the VA's service rules.
  • Active-duty service members.
  • National Guard and Reserve members who meet the service rules.
  • Some surviving spouses of service members and veterans.

Key facts

Good to know

  • VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs.
  • You show eligibility with a Certificate of Eligibility. We can request it for you.
  • There is no monthly mortgage insurance on a VA loan.
  • Your VA entitlement can be used more than once, and it comes back once a VA loan is paid off and the home is sold.
  • VA's own streamline refinance, the IRRRL, can lower the rate on an existing VA loan with less paperwork.

Calculator

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Payment

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U.S. average the week of Nov 5. Not a quote.

Term
VA funding fee

For example, veterans who get VA disability compensation.

The fee depends on your down payment and on whether you have used a VA loan before. Most people add it to the loan. A VA loan has no monthly mortgage insurance.

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This is an estimate, not a loan offer. A lender has to confirm it.

This is not a commitment to lend or lock a rate.

Rates change. Call us. (480) 297-8855

Costs and limits

What it costs

The kinds of costs, not amounts. Your Loan Estimate lists the numbers.

Costs to expect

  • A one-time VA funding fee, which most people add to the loan.
  • Veterans who receive VA disability compensation, and some others, do not pay the funding fee.
  • Closing costs, some of which the VA limits. The seller can pay some costs, up to the VA's limit.

Limits

  • The home must be your main home.
  • A VA appraisal checks the home against the VA's minimum property standards.
  • With full entitlement the VA sets no loan limit, but the lender still checks what you can afford.

Compared

How it compares

Next to FHA loans in Arizona.

  • A VA loan has no monthly mortgage insurance. FHA charges a yearly premium.
  • VA charges a one-time funding fee that some veterans do not pay. FHA charges an upfront premium that everyone pays.
  • VA is only for eligible service members, veterans, and some surviving spouses. FHA is open to anyone buying a main home.

Read about FHA loans in Arizona

The process

From first call to closing

  1. Talk

    A short call about your goals, your timeline, and the kind of home you want. Ask us anything.

  2. Apply

    You fill out the application online. It asks for your Social Security number and documents, and we give you a clear list of what to send.

  3. Compare

    We compare lenders for your loan and show you the options side by side, with the tradeoffs explained.

  4. Close

    We stay with you through appraisal, underwriting, and signing, and keep you posted at each step.

Questions

Questions about this loan

Not here? Call (480) 297-8855.

How do I get my Certificate of Eligibility?

We can request it through the VA's online system with your permission. You can also request it yourself from the VA.

Can I use a VA loan more than once?

Yes. Your entitlement comes back when a VA loan is paid off and the home is sold. In some cases you can use what is left while you still have a VA loan.

Do I have to pay the VA funding fee?

Most borrowers do, and most add it to the loan. Veterans who receive VA disability compensation and some others are exempt.

Can I buy a rental with a VA loan?

No. The home must be where you live. A home with up to four units can work if you live in one of them.

Reviews

From a client

Read all reviews

Chance is someone you can trust from the begging to the end of the transaction. I'm grateful to have found him to help me with the purchase of my home. Chance answered all of my questions and concerns, in detail. Couldn't have done it with out him. Buying a home can be challenging in number of things from the seller, realtor, title, etc. Chance made it easy for me, to understand, trust and believe that I was making the right decision . Thank you Chance, from my daughter and I. Sincerely, Edith Peralta, MBA/CCC

Edith Peralta

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