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VA Loans in Arizona

Posted by Mark Taylor | Posted in VA Loans | Posted on 07-02-2011

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Arizona VA Loan

The VA (Veteran’s Administration) loan program was created by a special Act of Congress all the way back in 1944 to help ensure that military personnel returning from the service in World War II could afford to purchase their own home.

The VA loan still exists today. The VA does not issue loans itself, instead it provides a guarantee to lenders that it will pay off  about a quarter of any home loan taken out by veteran should they default.

Who is Eligible for a VA Loan?

In order to be eligible for a VA loan a borrower must be a currently serving member of the US armed forces (including the Reserves and the National Guard) or a veteran of such. There are also some cases in which the widow or widower of an armed forces member may be eligible for a VA loan after their death. This usually only applies if that spouse was killed in the line of duty though.

What Types of VA Loan are Available?

VA loans are most commonly used to buy buying or build a basic single family home. There are instances though when a VA loan can be used to refinance a current home to cut mortgage payments or to make certain home improvements. A VA loan specialist is the best person prospective buyers can discuss the specific type of loan for their circumstances, as they have experience with all the different ways a VA loan can be put to use.

What are the Benefits of a VA Loan?

A VA loan allows a borrower to purchase a home with no down payment so that is, in many people’s eyes the most significant benefit of taking out such a loan. There are however a number of other significant benefits for those who qualify for a VA loan. These include:

Interest rates that are usually considerably lower than those attached to conventional mortgage products.

  • A less stringent underwriting policy in regards to the personal financial history of the prospective borrower.
  • There is no pre payment penalty.
  • There are flexible refinancing terms available in many cases.

What are the Basics Qualifications for VA Loan Applicants?

The most important of course is that the borrowers have the military record to support their application. This usually includes the submission of a Certificate of Eligibility but this is a document that the VA will help the borrower obtain. They will also have to provide income documentation but there is no real standard for an income requirement to obtain a VA loan.

The Mark Taylor Team can help you get an Arizona VA Loan!

Mark Taylor’s 13 years in the Mortgage industry and his $3/4 of a billion funding give Mark the experience and YOU the confidence that every deal he does is a sound investment. Mark has earned numerous awards by helping structure the intricacies of his client’s real estate portfolios to best set up their investment and retirement needs. This has resulted in numerous awards, but more importantly, thrilled clients.

His primary role is the facilitation of clients’ needs regarding mortgages, while balancing their goals and objectives with sound financial and mortgage planning to ensure the loan they choose is the correct product for their circumstances – currently and into the future. He also trains and educated Realtors® in ethics, contract law, and short sales offering continuing education hours in those areas to ensure we raise the standard of care to our community. What more could you want from a Mortgage Planning Hero? Wings? He’s probably working on that right now.

Contact the Mark Taylor Team today to get started on your Arizona VA Loan.

Click here to see what Mark’s past VA LOAN clients have to say!

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