VA Loans

VA Loans For Veterans

VA Loans Provide No Money Down Mortgage Financing

VA LoansVA Loans are an great home mortgage alternative for veterans looking for a fixed-rate loan with little or no money down. VA loans are guaranteed by the federal government and made available through banks and mortgage brokers.

To Quailify

If you meet any one of the following three criteria you are likely to qualify for a VA Loan, if you

  • Are an honorably discharged veteran
  • Are currently serving on active duty
  • Have completed a total of six years of service in the National Guard or selected reserves

In addition to these criteria, certain surviving spouses of veterans are also eligible

Loan limits are $417,000 in Arizona and most areas of the United States, however are higher in some regions.

This short video from one of the lenders our clients have used summarizes some key points on VA Loans.

Another benefit of the VA Loan is the requirement for private mortgage insurance with a down payment of less that 20% is waived. Sellers may also pay 3 to 4 percent of closing and administrative costs related to the loan.

The Downside

That all sounds great, but there is a downside. VA loans are only available for owner occupied homes and are likely to take longer to get than conventional loans. However, the terms are a lot more favorable and may offset the slower process time.

Here’s a step-by-step look at what you need to do:

1. Obtain a certificate of eligibility from the VA. Submit VA form 26-1880 along with proof of your military service to the VA.

2. Find a home and sign a purchase and sale agreement. To get the process moving along, you must have an agreement to purchase a specific home.

3. Submit your VA eligibility certification to a lender and fill out an application. Your lender will verify the information on your application and obtain a copy of your credit report and credit score. A lower credit score is not a deal breaker with VA loans, so even if your credit isn’t the best, as long as you have the income to make the monthly payments, including taxes, you are likely to qualify.


VA Loans offers very favorable rates and conditions to qualify if you are a veteran. No money down, no mortgage insurance and sellers can pay some of the closing costs.

If you are a veteran, take a close look at VA loans.

Have you been stationed in Tucson or as a retired veteran considering Tucson as a potential place to retire? We can help!

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