VA loans in Tucson, AZ, are becoming more and more popular. But that is not surprising at all, considering that about 40,000 veterans live in the city, the 2019 data from the US Census Bureau revealed. Also, it is worth highlighting that Tucson is home to one of the largest Air Force Bases in our country (Davis Monthan Air Force Base), providing the city with a rich military feel on top of its already vibrant community.
Here are the answers to some crucial questions about VA loans, Tucson that you should know:
What is the maximum amount for a VA loan? USD 548,250 is the standard VA loan limit for most counties in the US. However, for the more expensive housing market in the US, the VA loan limit could reach USD 822,375.
How to qualify for a VA loan in Tucson? The applicant must have at least a credit score of 600. Take note, however, that this score may change from lender to lender. In addition to a good credit score, veterans must also provide income and asset documentation. They will use these docs in calculating a debt-to-income ratio.
What are the VA loan options? VA loans come in different shapes and sizes. An applicant may get a 30, 25, 20, or 15-year fixed-rate mortgage. Apart from fixed-rate VA loans, an applicant may also consider a 5-year adjustable-rate mortgage with his VA loan, also referred to as a VA Hybrid.
What are some benefits of VA loans? There are three huge benefits that VA loans have. For one, a down payment or mortgage insurance is not a requirement. They also have competitive rates. Average 30-year mortgage rates were lower for VA loans versus FHA and other conventional mortgages in July this year. Experts predict that this trend is to continue to go downward. Also, there are limited closing costs, which are various fees and expenses you pay to get the purchase.
Online looking for a reputable broker that can work with your application for a VA loan, Tucson? Contact us today at 800.810.PLUS(7587).