What is a VA loan?
Veterans Affairs mortgages — also called VA loans — are designed to make it easier for veterans, reservists and surviving military spouses to buy a home. VA home loans are made through qualified lenders and backed by the U.S. Department of Veterans Affairs.
The benefits and features of choosing a VA Loan.
Because VA loans are backed by the U.S. Department of Veterans Affairs, these loans have many notable and unique features that you won’t want to miss out on, including:
- No down payment required
- No cash reserve required
- No application fee
- No monthly mortgage insurance premiums
- Seller can pay off buyers debt to qualify
Please keep in mind that a VA funding fee is required on some VA loans, but it can be financed.
Do you qualify for a VA loan?
In order to be eligible to apply for a VA loan, you must be meet at least one of the following conditions:
- You’ve served at least 90 consecutive days of active service during wartime.
- You’ve served at least 181 days of active service during peacetime.
- You’ve served more than six years in either the National Guard or the reserves.
- You’re an unmarried spouse of a service member who died while in service or from a service-related disability.
- Your spouse is a prisoner of war or is missing in action.
Additionally, in order to qualify for a VA loan through our lender — NOVA® Home Loans — your FICO score must be at least 550. We do manual underwrite and we can do an alternative credit score loan with NO fico.
Is a VA Loan right for you?
If you think that you might qualify for a VA loan in Phoenix, you’ve come to the right place. At Urban House Realty, we specialize in helping people just like you find the perfect home, but we’ve also partnered with Traci Gratzek from NOVA Home Loans to help you find the right financing option for your needs. In Maricopa County, the maximum loan amount is $453,000; you may qualify for even more!
Contact us today to find out if a VA loan is right for you!