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If you’re looking to buy a home in Arizona, you might consider taking advantage of the VA home loan to make your purchase. VA home loans have a $0-money-down benefit that is appealing to home buyers. However, there are some things that you should know about VA home loans in Arizona before starting your house hunting! Read on to learn more about VA loan limits in Arizona.

Who Qualifies for a VA Home Loan?

The VA requires prospective borrowers to meet one of the following:

  • Serve 90 consecutive days on active duty during wartime, or
  • Serve 181 days on active duty during peacetime, or
  • Serve 6 years in the Reserves or National Guard, or
  • Be the surviving spouse of a service member who died while serving or due to a service-connected disability.

If you served less than the requirement with a discharge other than dishonorable, you still might be eligible. You can request a lender pull your Certificate of Eligibility (COE) to determine your status.

Beyond service requirements, the VA provides broad guidelines to lenders making VA loans.

From a high level, to get a VA loan, you must:

  • Be an eligible Veteran or military spouse with available VA loan entitlement.
  • Use the VA loans for an eligible purpose (homeownership).
  • Occupy, or intend to occupy the home within a reasonable time (typically within 60 days of closing).
  • Be an acceptable credit risk.
  • Have stable and sufficient income to make mortgage payments, pay debt obligations, cover the costs of owning a home and have enough left over for discretionary income after all major expenses.

Lenders typically have additional guidelines on top of these, known as lender overlays. For example, being an acceptable credit risk is too broad for a lender making the loan. The majority of lenders will want to establish a set credit score requirement.

How do I get a VA Loan in Arizona?

Private lenders provide VA home loans and other VA loans to veterans, and the Department of Veterans Affairs guarantees these loans. You can do your research and shop around to find the best private lender for your VA home loan. Interest rates, fees, loan terms, and more can vary from lender to lender, so it’s important to consider all your options and choose the best loan provider for you. Your private lender needs to be licensed in the state of Arizona if you are purchasing a home in Arizona using a VA home loan.

VA Loan Limits in Arizona

The VA loan limit in Arizona just received a massive increase at the beginning of 2022, raising the limit from $548,250 to $647,200. However, VA loan limits do not represent a cap or max loan amount, and loan limits may be different for individuals with their full VA loan entitlement. If you are a borrower in Arizona and you have your full VA loan entitlement, you have the ability to borrow as much as your lender is willing to lend, regardless of the VA loan limits.

Arizona VA Loan Limits by County

In some states, the VA loan limits can vary from county to county. This isn’t the case in Arizona, where the VA loan limit is $647,200 in every county.

Property Tax Considerations in Arizona

If you’re a VA buyer in Arizona, you should also make note of the property tax costs and exemptions in the county you plan to live in. Certain VA buyers are entitled to property tax exemptions. Disabled veterans may be eligible to receive $3,000 in property tax exemptions on a primary residence. This $3,000 in property tax exemption is offered if the total assessed value is less than $10,000. If you don’t qualify for property tax exemptions, the property taxes in Arizona can range from an estimated 0.43% in Greenlee county to an estimated 1.01% in Pima county, according to the US Census Bureau.

VA Home Loan Lender in Arizona

If you’re ready to move forward in the process of purchasing a home using your VA loan, Finance of America Mortgage is licensed and provides VA home loans in the state of Arizona. Get started today by filling out an application and get pre-approved for a VA loan. Have more questions? Contact us here. 

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