The state of Arizona, also known as the Copper state, is home to a large number of veterans. According to the Department of Veteran Affairs (VA) of the U.S. Government, 532,206 veterans of the US Armed Forces currently live in Arizona (as per the 2014 data). This is one of the largest veteran populations among the states in the country. Apart from the large number of veterans, there is also a large number of active duty personnel stay in the state, as two important bases are located here. They are Fort Huachuca and the Davis-Monthan Air Force Base. Now the U.S. Department of Veteran Affairs (VA) has several programs to look after the welfare of the veterans and active duty personnel who have served and are serving their country. One of the most popular programs of the VA is the Loan Guaranty Program. Here we look at the features of VA loan program and the way in which veterans in the state of Arizona can get a VA loan with ease.
Being a veteran or an active duty member of the American Defense Forces, you might have heard from your friends in the services about the VA loan guaranty program or VA loans, as some people like to call it. So what are the benefits of the VA loan guaranty program? Well, there are many! A few of them are below.
No down payments : While taking a VA loan to buy a property, you do not have to pay any down payment unlike most other forms of loans. However, the VA has prescribed limits for each county, based on their property markets. This is the highest amount the VA would guaranty. You do not need to pay any down payments if your loan amount does not exceed more than 4 times the loan limit. Therefore, if the loan limit is $100,000, the maximum amount of loan that you would get without any down payments is $400,000.
No PMI : Since a government authority would guarantee the loan, the risk to the lenders offering you the loan is less. That is the reason why, a leading VA approved lender would not ask you to pay for any Private Mortgage Insurance or PMI.
The interest rate would be lower : In most cases, the rates of interest for a VA mortgage loan would be lower than the rate for conventional loans. You would be paying less in monthly mortgage payments.
What are the biggest features of the VA loan guaranty program?
Being a veteran or an active duty member of the American Defense Forces, you might have heard from your friends in the services about the VA loan guaranty program or VA loans, as some people like to call it. So what are the benefits of the VA loan guaranty program? Well, there are many! A few of them are below.
No down payments : While taking a VA loan to buy a property, you do not have to pay any down payment unlike most other forms of loans. However, the VA has prescribed limits for each county, based on their property markets. This is the highest amount the VA would guaranty. You do not need to pay any down payments if your loan amount does not exceed more than 4 times the loan limit. Therefore, if the loan limit is $100,000, the maximum amount of loan that you would get without any down payments is $400,000.
No PMI : Since a government authority would guarantee the loan, the risk to the lenders offering you the loan is less. That is the reason why, a leading VA approved lender would not ask you to pay for any Private Mortgage Insurance or PMI.
The interest rate would be lower : In most cases, the rates of interest for a VA mortgage loan would be lower than the rate for conventional loans. You would be paying less in monthly mortgage payments.
VA Loan Limits in Arizona
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