VA LOANS

To apply for a VA loan in Arizona, veterans need to obtain a Certificate of Eligibility (COE), find a VA-approved lender, and then find a home. The COE confirms eligibility for the loan, and lenders like Mortgage Brothers can assist with this process. After getting pre-approved, veterans can work with a real estate agent to find a home that meets VA requirements and proceed with the loan application and closing process. 

Here's a more detailed breakdown:

1. Obtain Certificate of Eligibility (COE):

Online: Veterans can apply for their COE through the VA's eBenefits portal or with the help of a lender. 

By Mail: If needed, complete and mail VA Form 26-1880 to the VA Eligibility Center. 

2. Find a VA-Approved Lender:

Lender Expertise: Choose a lender experienced with VA loans, like Mortgage Brothers or New American Funding, as they understand the specific requirements and processes.

Pre-Approval: Get pre-approved for a loan amount to strengthen your offer when purchasing a home. 

3. Find a Home:

Work with a Real Estate Agent: A real estate agent experienced with VA loans can help you find suitable properties and negotiate the purchase. 

VA Appraisal: The VA requires a professional appraisal to ensure the property meets their standards. 

4. Loan Application and Closing:

Lender Handles: If the lender is VA-authorized, they can approve and close the loan without further VA review.

Closing: Once the loan is approved and the appraisal is complete, you can close on the property and become a homeowner. 

Types of VA Loans:

There are different types of VA loans available, and your lender can help you choose the right one for your needs. 

Active Duty and Veteran Eligibility: Eligibility for VA loans is based on length of service and duty status (active duty, reserves, etc.). 

Credit Score: While VA doesn't have a minimum credit score, lenders typically require a score of 620 or higher. 

Debt-to-Income Ratio: Lenders also consider debt-to-income ratio, and the VA allows for higher ratios than conventional loans. 

Down Payment Assistance: Some programs, like the Pima Tucson Homebuyer's Solution, offer down payment assistance for VA loans in certain areas.