VA Loans in Sun City, AZ – Eligibility Requirements

June 28, 2024

VA Loans in Sun City, AZ – Eligibility Requirements

By Published On: June 28th, 2024Categories: Sun City AZ, VA Loan, VA Loans Arizona

One of the most popular government-backed mortgages is VA loans in Sun City, AZ. If you are a veteran, an active member of the military, or the surviving spouse of a man in uniform planning to apply for a mortgage, then you may want to consider VA loans.

In this post, we aim to give you some helpful insights on how to boost your chances when you apply for VA loans in Sun City, AZ. Your dream of owning a new home will be within reach if you do your homework diligently.

VA Loan Requirements in Arizona

According to the VA, loan eligibility typically requires one of the following:

  • Ninety days (90) of service during wartime
  • One hundred eighty-one (181) continuous days of active service during peacetime
  • At least six (6) years of service in the National Guard or Reserves
  • If you are the un-remarried, surviving spouse of a service member who died in the line of duty or as a result of a service-related disability.

Additionally, VA loans also require:

  • Payment of a Funding Fee. It is a one-time payment that helps cover the cost of your loan. The amount can vary depending on how much you put in the down payment and military category. Note that there are certain circumstances where you may be exempt, so make sure to ask about the exemption with your Loan Officer.
  • 60-day move in. Borrowers are usually required to move into their new home no more than 60 days after the purchase.
  • VA loans must be for a primary residence. If your goal in purchasing a home is for investment, a VA loan is not the right course of action.
  • Master Appraisal Limitations: In Arizona, for properties listed on a master appraisal, the combined value of any optional items selected by the veteran purchaser cannot exceed 15% of the reasonable value assigned for the base plan type (a mortgage professional such as the team at Homeplus can help explain this more.)

Are you looking for a reputable mortgage company that offers VA loans in Sun City, AZ? Look no further than Homeplus Mortgage. Call us at 800-810-PLUS (7587) for inquiries.