AZ VA Home Loan

AZ VA HOME LOAN STREAMLINE REFINANCE- All but 2 months ago here in Arizona we thought the AZ VA Streamline Refinance was gone forever, a victim to the ever increasing interest rate climate over the last few months .

But the funny part about the mortgage industry is that just when we think we have it figured out it throws us another curve ball. I say this because over the past couple of weeks we have seen a large decrease in VA Streamline Refinance rates putting Arizona Veterans and Active Duty Military homeowners back into play who may have missed out on the last refinance boom affording them the opportunity to possibly save hundreds of dollars a month and even thousands of dollars over the life of the loan.

The AZ VA Home Loan Streamline Refinance is probably one of the most unique loans that are available for Veterans and Active Duty Military. With no appraisal needed (saving you $450), along with no income documents (Pay Stubs, W-2’s, Tax Returns), or even bank statements required, this loan is a walk in the park.

Here is how I explain the AZ VA Home Loan Streamline Refinance process to my Veteran and Active Duty Military clients here in Arizona… “We simply shuffle some paperwork and roughly 20 days later close your loan with zero out of pocket expenses.” Okay, so there is more to it than that, but you get the point right?

However what I mentioned was true. The VA Streamline Refinance allows you to roll all of the costs into the home loan essentially allowing you to close escrow and not bring one dollar to the closing table. If your current VA interest rate is at 5% or higher, the AZ VA Home Loan Streamline Refinance may be right for you.

For a free VA Streamline Refinance quote and analysis feel free to give us a call directly at 602-908-5849. Please know that we are here to serve you with all of your VA Streamline Refinance needs.

MORE THAN 1 AZ VA HOME LOAN AT A TIME- Many veterans in Arizona and that nation have no idea they are actually able to use more than one AZ VA Home Loan at a time. Yes, it’s true! A Veteran may actually have more than one home loan at a time. How can this be, you ask? It’s called VA Bonus Entitlement. Simply stated, as long as you have sufficient VA Entitlement for the AZ VA Home Loan, you can have more than one at a time.

There are a lot of Veterans out there today that would love to be able to purchase a new home – in a more desirable location, better school district, with more square footage – who have no idea that they really can. Let’s take a look at an example below.

A Veteran buys a home with his or her AZ VA home Loan in 2006 for $150,000 and would love to take advantage of the market that we are in today. Our Veteran can actually rent out their current home and use that rental income to offset that mortgage payment up to 75% . Most mortgage products will require you to have 25% equity in the home or you must have rented out that property for two years to do this, but not with a VA Home Loan. Our Veteran now has the ability to go out and shop for a new home with their VA Home Loan from $144,000 up to $267,000 with NO down payment!

As a Veteran, you must have sufficient VA Entitlement available and the home being purchased must be owner-occupied. [This summary is based on a $350,000 loan amount, loan term of 360 months and an interest rate of 4.5%.] Are you interested in seeing if the VA Bonus Entitlement is something that you are eligible for? Give me a call – I speak your language and I know what it means to serve.

AZ VA HOME LOAN MYTHS- For as long as I have been serving Veterans with their AZ VA Home Loan Benefits I have heard a number of misconceptions as it relates to our VA Home Loan Benefits. These misconceptions, or shall we say myths, can have a negative impact on us for obvious reasons. For example a Veteran may opt to go with a more expensive mortgage product like a FHA Home Loan which can end up being significantly more expensive over time. So back to the myths. What are they? Let’s take a look at the top 5 VA loan myths that heard throughout my career as a Mortgage Banker Specializing in VA Home Loans.

AZ VA Home Loan MYTH # 1. VA Home Loans take too long to close. Not true. Many lenders quote 45-60 days to close a AZ VA Home Loan. However, just because it may take that particular lending institution 45-60 days to close does not mean that is how long it takes to close a VA Home Loan. The VA Home Loans that we close at PrimeLending typically take no more than 30 days.

AZ VA Home Loan MYTH # 2. VA Appraisal Process is much more difficult. Again, not true. The reality is I would not be in business if this were the case as90% of the Home Loans that I originate are VA. VA Home Loans have multiple steps in place to protect the Veteran from overpaying for the home.

AZ VA Home MYTH # 3. VA Home Loan qualifying is much more difficult. The VA Home Loan is the most unique home loan that exist and one of the things that I love about it is that VA has applied common sense lending practices to serve Veterans. However, it’s entirely untrue to say that it’s more difficult. The truth is that in some ways they make it much easier for a Veteran to obtain financing take for example the no down payment option.

AZ VA Home Loan MYTH # 4. You can only have 1 VA Home Loan at a time. False. A Veteran can actually have more than 1 VA Home Loan at a time as long as they have sufficient entitlement. This allows Veterans to seek financing for another home in a more desirable location while maintaining the property they are vacating that currently has a VA Home Loan on it.

AZ VA Home Loan MYTH # 5. A Veteran can only use their VA Home Loan once. I have heard this from a lot of Veterans that served during the Korean and Vietnam conflicts. However, it’s not true. A Veteran may use his VA Home Loan as many times as they would like as long as they have sufficient entitlement. So there you have it, the top 5 VA Home Loan myths. My hope is that you learned something about your VA Home Loan benefit after reading this. Of course, if you have any questions you may contact me me directly at my office at 602-908-5849 or email me at jimmy@primelending.com

AZ VA HOME LOANS – Many Veterans when searching for an Arizona VA Home Loan rarely stop and ask if the company in which they are seeking financing specializes in Arizona VA Home Loans. This is not a question that typically comes to mind when applying for a loan, however I can assure you it’s one that it should. The reality is that there are a lot of lending institutions that may be able to originate a VA Home Loan, but it does not automatically mean that they know exactly what they are doing. I see this time and time again when Veterans come to me frustrated, and feeling defeated because the lender in which they started with seems rather lost and unfamiliar with the process creating feelings of uneasiness and anxiety.

When explaining why Veterans should use a Mortgage Banker that specializes in Arizona VA Home Loans, I often times use this analogy. The United States Marine Corps is famous for every Marine being a basic rifleman. However, within the Marine Corps there are certain specialities that exist. For example you have Infantry Rifleman who trains daily for the front lines of combat, and on the other hand, you may have a Marine who’s job is to work on the electronics of an aircraft.

I think it’s safe to say that you would not want the Infantry Marine working on the aircraft, and the Aircraft Marine shooting highly technical weaponry. Why is this? Each Marine has been trained in their own area of expertise and may not be 100% familiar with how each others job works. Keep in mind they are both Marines yet have 2 totally different jobs. That’s kind of like how the Mortgage industry is. Just because somebody is a Mortgage Banker or Broker does not automatically make that person qualified to originate your VA Home Loan. then-now You deserve somebody who specializes in Arizona VA Home Loans. Somebody who understands your sacrifice, somebody who speaks your language and knows what it means to serve. Arizona VA Home Loans are unique to any other type of home financing loan that exist today, and you need to be working with somebody that originates VA Home Loans exclusively.

So if you are in the market to purchase a home, I would be honored to serve you! Helping Veterans is my passion and purpose! So please call me, I speak your language and I know what it means to serve 602-908-5849.

THE AZ VA HOME LOAN JUMBO- 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. va-loan-advantage 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!

THE 2 DOCUMENTS YOU MUST HAVE ON AN AZ VA HOME LOAN

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.

 
va-loan-advantage
 

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. Semper Fidelis, Jimmy Vercellino


AZ VA Home Loan Checklist

When speaking to a Veteran for the first time who is inquiring about a VA Mortgage in Arizona one of the first things we do is send them out a needs list of all of the required documentation that will be needed in order to submit, and fully approve their, AZ VA Home Loan.

Below is a list of items that are required. Keep in mind each scenario is different and could require more, or at times even less when applying for an AZ VA Home Loan.

Last 30 Days paycheck stubs for all borrowers (if applicable)
Last 2 years W-2′s for all borrowers (if applicable)
Last 2 years tax returns for all borrowers. Including all forms
Last 2 months bank statements (savings and checking)
Copy of Divorce decree, including all pages (if applicable)
Copy of Drivers License for all borrowers
Copy of all Pension Statements, “Award” Letter, etc. (if applicable)
Copy of Social Security Annual “Award” Letter, Statement, etc. (if applicable)
Copy of DD-214
Copy of Certificate of Eligibility (if obtained)

Again keep in mind their could be more or less depending on how your AZ VA Home Loan application looks on our end. Rest assured we will let you know just as soon as we review your application as to what additional information will be needed if any at all.

To apply you can log onto www.VALoansForVets.com and click on the ‘apply’ link located in the top left corner of the site.

Semper Fidelis,
Jimmy Vercellino


How VA Home Loans Work

Ever wanted to know how VA Home Loans Work?

See below!

http://www.youtube.com/watch?v=YahWwaK-uk0

Many Veterans have no idea how VA Home Loans work and if I am being honest for the longest time I had no idea either. The information posted in this video will help the Veteran as well as the Active Duty Service Member better understand how their VA Home Loan works. Few people understand that the VA does not lend the money on a VA Home Loan the actual bank, or lender does. The VA’s role is simply to insure or guarantee the VA Home Loan allowing the Veteran to purchase a home for as $417,000 in most counties and higher is some across the nation. So let’s take a look at that a little bit more more in detail. If the Veteran were to purchase a $417,000 home with his VA Home Loan that VA would guarantee or insure $104,250 of the loan. This is why lenders like VA Home Loans because it reduces the risk associated with the loan for the bank on VA Home Loans.

Now that we understand that in order for Veterans to use VA Home Loans they must have a copy of their certificate of eligibility. However, just because they have a copy of their certificate of eligibility it does not mean that their VA Home Loan is ready to be used.


Veterans in Hospice Care

Today I will be taking some time to attend an appreciation lunch put on by Hospice of the Valley (HOV) for volunteers for their Veterans Salutes Program. I was introduced to this program about 2 years ago or so through the Arizona Veterans Chamber of Commerce. Being a part of such an amazing experience is probably one of the most special things I have ever had the chance to participate in throughout my life. Designed to spend time with Veterans in their final hours, the Salutes program allows Veterans to be honored for their service to our great country by fellow Veterans. Naturally this is a great fit simply because the Veteran is able to relate to his fellow Vet having served himself. Throughout my experience with this program I have been truly blessed and touched to spend time with some such amazing men who served in WWII and Vietnam.

The Veteran Volunteers role during the ceremony is to try simply listen, ask questions about the about the Veterans service, and lastly honor them by pinning the with a HOV pin and giving them a their branch of service flag coupled with American flag. Once this has taken place there is one last order of business to conduct…the salute of the Veteran. Standing before the Veteran and the foot of his bed we will say the following… “Fellow Veteran on behalf of Veterans across the nation, and Hospice of the Valley we would like to thank you, and honor you for your service to our great country, thank you and may God bless you sir.”

I have laughed with Veteran patients, cried with families, and hugged their loved ones. By far one of the most rewarding things I have ever had the chance to be a part of in my life.

Hospice of the Valley is looking for more veterans and volunteers for this wonderful program so if this is something you are interested in you may contact me for more details at 602-908-5849.

Thank you, and may God bless you for our service to our great country.

Semper Fidelis,
Jimmy Vercellino