The Arizona VA Jumbo Home Loan. Many veterans do not understand all of the benefits that exist when it comes to their Arizona VA Jumbo Home Loan. Truth be told, many lenders don’t either… so if lenders are confused, how then do we expect our veterans to know. Sadly, many don’t. This statement cannot hold more truth when it comes to the Arizona VA Jumbo Home Loan. The Arizona VA Home Jumbo Loan is probably one of the most competitive, if not the most competitive Jumbo loan products that exist on the market today. Most Jumbo loans that are available today require down payments of 20% or higher. However with the Arizona VA Jumbo Home Loan this is not the case. Let’s take a look at an example.
Purchase Price: $750,000 VA Down Payment Requirement: $83,250 That’s a down payment of around 11%* . You might be wondering how I came up with that down payment amount? It’s quite simple really. VA Max Guarantee for Maricopa County is $104,250. Both lender and VA require that the loan be guaranteed by 25%. In this case the $104,250 (VA Guarantee) + $83,250 (Veterans Down Payment) = 25% of $750,000 thus giving you an insured VA Jumbo Home Loan. I can assure you that you will not find a lower down payment out there when it comes to a non-VA Jumbo Home Loan. So if you are in the market for your dream home and never considered using your VA Jumbo Home Loan, it’s time to reconsider. Feel free to call or email to see if this product is the right fit for you.
*This summary is based on a $666,750 loan amount, on a loan term of 360 months, with an interest rate of 4.25% and an annual percentage rate of 4.250%.
To see if you are qualified for your Arizona VA Jumbo Home Loan call me today at 602-908-5849!
Thank you and May God Bless you for your Service to our Great Country. Semper Fidelis, Jimmy Vercellino
Many Veterans know that serving honorably in the military offers benefits of different varieties. However, what a lot of veterans do not know is how to take advantage of them, or even where to start. The VA Home Loan is no exception to this. So if a veteran is interested in obtaining a VA Home Loan, where exactly do they start? The first order of business that you need to do is get a copy of your DD-214 ( discharge paperwork) or a statement of service if active duty. This document is absolutely critical to have. Simply stated if you don’t have your DD-214 or statement of service you will not be able to obtain a VA Home Loan, reason being, it tells the lender that you were honorably discharged or have served the required amount of time to be eligible for your VA Home Loan benefits.
Now that we have the DD-214 we need to take care of our next order of business and that is our COE (Certificate of Eligibility). This particular document creates much confusion for veterans because they don’t know where to obtain it. The COE is a document that is generated from the VA which states that you are eligible, not prequalified, for the VA loan. To ensure that you are in fact prequalified to use your VA Home loan you must speak with a VA lender to ensure that you meet the credit, and income requirements. Now in order to obtain this document you can contact the VA directly, or you can obtain from a VA direct endorsed lender (somebody like myself) which can be obtained in a matter of minutes.
Lastly, please keep in mind you must have these 2 documents. If you don’t simply stated you will not be able to obtain your VA Home Loan. For more information regarding your VA Home Loan benefits you may call me direct at 602-908-5849.
Thank you and May God bless you for your service to our great country.
I can remember when I first began my career in the Mortgage Banking business back in 2005 of course things were much different then. So different that many veterans were being told not to use their VA Home Loan benefits because more competitive loans existed. Boy, were they wrong!
The VA Home Loan is one of the best options that a Veteran has available for purchasing a home. These are benefits we have earned by honorably defending this great nation with our blood, sweat, and tears. There has been much confusion regarding VA Home Loans over the years. In reality, VA Home Loans have some of the most competitive rates that exist on the market today therefore allowing veterans to purchase more home, with lower monthly payments.