First Time Buyer loans, otherwise referred to as FHA loans, are accessible to new homebuyers who may not have as much established credit or financial security as more experienced purchases that may be considering JUMBO loans or conventional purchase loans. Both loan types are for primary residence purchases only, but other than that, they have very different terms and eligibility requirements.

FHA loans require 3.5% down payments at a minimum, whereas the VA will offer their homebuyers 0% down payments in most instances. For FHA loans, mortgage insurance is required both upfront and monthly, but VA loans don’t require any sort of mortgage insurance. Instead, VA home loan buyers just pay a one-time fee to the VA itself. 

Both loan options are pretty forgiving to applicants, but lenders will still need to see some minimum thresholds achieved, such as solid credit (around 620 or greater for VA, 570 or greater for FHA) and DTI (Under 41% is ideal for VA, 50% or less is suitable for FHA).

Contact a lender in 85233 to see if you’re eligible for a VA loan. Assuming you’re a veteran or active military, want to purchase a primary residence, and have the financial ability to make on-time mortgage payments, you can get approved for a VA mortgage loan in Arizona (or any other state you may be interested in moving to)

Whether you live in Arizona, Maricopa, Val Vista Lakes, neighborhood or anywhere else in the country, you’ll want to   check   out the VA’s current policies and requirements for VA home loan approvals. Here you’ll find information about what’s needed to apply and be approved for a VA mortgage loan.

While every lender’s criteria are different and the VA sets no official minimum, you can reasonably expect to need at least a 620 credit score to qualify for the type of home you want. Lower scores may be acceptable with supporting documentation, but you won’t know what you’re eligible for until you get the application process started.

Before you can get pre-approved for a VA home loan in 85233, you’ll want to get a handle on your financial information such as credit score, DTI, how much you can afford monthly, proof of income, etc., so that your lender can present you with the best possible options. Once you’ve applied, lenders will check your credit to ensure you meet their eligibility requirements, and then you proceed accordingly.

If you’re a surviving spouse and want to purchase a home using VA loan benefits, you can do so by presenting a certificate of eligibility to prove your eligibility. Keep in mind that The VA will hold you to the same financial requirements standards as your spouse would have been, so income, DTI, credit, and so forth are still critical for approval. Let us know how we can help you secure a VA home loan for your family.