Veteran Life in Arizona

The numerous sunny days, warm weather, and striking landscapes are just a few of the many reasons why people are often drawn to Arizona, and the same goes for veterans. After service, many Arizonian veterans are eager to lay down some roots, and desire to start doing so by purchasing a home. However, the weak economy and the aftermath of the housing market crash haven’t exactly made obtaining a conventional mortgage loan easy. In fact, in many instances, the large down payments and high credit scores required can make it nearly impossible.

However, veterans don't need to put their dreams of homeownership on hold just because conventional lenders have increased their lending requirements. Government programs, in particular the VA Home Loan program, still over affordable and accessible lending options. The VA Loan program was specifically created to meet the distinct financial needs of veterans and active duty service members by providing members with the opportunity to obtain a VA guaranteed loan.

Because the VA home loan is guaranteed by the VA, military members are able to receive borrower benefits that they would otherwise be unable to obtain with a conventional loan. Such benefits come without further application and include:

• no down payment needed
• no mortgage insurance required
• competitive interest rates
• flexible lending terms

VA home loans also have high loan limits meaning that eligible borrowers may be able to purchase a home without the need of additional financing. Due to the diverse geography of the state, the average home price in Arizona ranges anywhere from $250,000 to $350,000 and above. In Arizona, the VA loan limit is $417,000 which means that eligible veterans can achieve 100 percent financing without the need of a down payment or private mortgage insurance.

The VA Home Loan program also makes homeownership more accessible to veterans by having lenient eligibility requirements. Aside from submitting a Certificate of Eligibility, veterans must simply meet a service requirement in order to be eligible. Although the VA home loan program has no income or credit requirements, interested military members should note that VA lenders will generally require proof of a stable income, as well as a mid range credit score of at least 620.

Veterans should also be aware that the VA home loan program is not the only benefit available to them after service. In addition to affordable home loans, veterans are also able to receive educational assistance in the form of reduced college or trade school tuition, and may even opt to partake in an apprenticeship program to obtain skills needed for their desired vocation. Other programs are also available to make transitioning into civilian life easier.

While the military will brief veterans on the benefits available to them, it doesn't always immediately provide military members with them. Aside from a pension, most veterans need to educate and apply themselves to any programs they wish to take part in. So if you are a veteran, or have a veteran in your life, be sure to inform yourself about the various programs that are available. 

Kevin Pearia is a mortgage commentator for Veterans United Home Loans, the nation’s leading dedicated provider of VA Home Loans. Kevin is the author of "Veteran Life in Arizona".