2018 VA Loan Limits in Arizona

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Big news for 2018 VA Loan Limits in Arizona. They have gone up, yet again! 2018 Arizona VA Loan Limits for Maricopa County have increased from $424,100 (2017) up to $453,100 with no money down. This mean Veterans and Active Duty Military can finance more with no additional money out of pocket. Our VA Home Loan Benefit is the only 100% financing with no money down and no private mortgage insurance home loan available on the marketplace. This increase makes the VA loan one of the most competitive loans available for Veterans today.

Did you know that the VA does not actually have a maximum VA Loan limit? They just have a maximum loan amount with no money down. The VA will allow us as Veterans to finance more than $453,100 by putting down 25% of the difference between the purchase price and the 2018 Arizona VA Loan Limits of $453,100. This is an incredible opportunity for Veterans seeking financing above the $453,100 threshold with no money down.

2018 VA Loan Limits do not just apply to purchasing a home. The good news is that if a Veteran would like to use the VA Loan for the purpose of a refinance, they too are eligible for the increased loan limits as well.


Am I Eligible for a VA Loan? Find Out Now

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Am I Eligible for a VA Loan?

Am I Eligible for a VA LoanBeing eligible for a VA loan is a great possibility if you have served in the armed forces, but being a vet is only the first test.

Veterans appreciate gestures of gratitude for service rendered to their country. These can take the form of verbal acknowledgement or show up as a financial donation to aid wounded warriors.

The government also provides benefits that demonstrate the high value placed on military service. Most well-known are medical services yet there is another form of assistance of equal significance. The United States Department of Veterans Affairs (VA) guarantees home mortgage loans for qualified borrowers.

How Do VA Loans Work?

Vets apply for mortgage loans like everyone else: through a private bank or finance company. Important to remember is the fact that the government is guaranteeing the loan, i.e. agreeing to pay the lender in the event the borrower defaults, not advancing the money itself.

For starters, the bank will require a VA Certificate of Eligibility (COE) before considering an applicant eligible for a VA loan. COEs are issued based on years and character of military service, and are obtained through the lender, a local VA office or the VA website. Subsequently, the lender will collect documentation to verify the information on the loan application.

The difference between the VA loan and a conventional mortgage is that underwriters will apply VA standards in approving or denying the application.

Do I Need Good Credit?

Yes, but it’s all relative. Whereas a conventional mortgage will require a strict minimum credit score of 620, applications with a VA guarantee are likely to receive more latitude since the bank knows it will be paid back one way or the other.

Overseas deployments and frequent relocations can take a toll on a veteran’s finances, so the VA requires banks to look at the whole borrower profile before rejecting an application based on credit scores.

How Much Do I Need to Earn to Be Eligible?

A borrower’s revenues will rise and fall on how much money is sought. When underwriting mortgage loans, lending institutions rely on an index called the debt-to-income ratio. This means that they will tabulate all the monthly obligations—in other words, the bills—and add the proposed monthly mortgage payment.

If this sum is less than 41 percent of the veteran’s total income, the bank is then confident that the borrower makes enough money to manage the loan payments.

Do I Need Money in the Bank?

It is not unusual for a finance company or bank to desire a financial cushion to carry the mortgagor through hard times. However, VA loans require only sufficient funds on hand for the down payment, closing costs and any additional equity not covered by the down payment.

Are There Any Restrictions on the Property?

The veteran might meet all the criteria and is eligible for a VA loan, but the loan can fall through if the house does not show clear ownership title for the seller or current owner. Unlike conventional loans, the bank can loan up to 100 percent of the property value when processing a VA application.

As a VA Loan Specialist, I can help you navigate through the VA loan process. Contact me or click the big red Apply Now button and let’s get started.


Veterans in Hospice Care

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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 480-538-4980.

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

Semper Fidelis,
Jimmy Vercellino