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  • VA Loans-Mesa, AZ

    Have you ever been to the city of Mesa, Arizona southeast of Phoenix? It is an absolutely gorgeous area with a bustling real estate market. People love living here because of the affordable cost of living, the mild winters, and the low crime rates, and you could move into your dream home in this unique city.

    Buying a home is often difficult because of the purchase price. However, veterans, active-duty service members, and surviving spouses are eligible for VA loans in Mesa, AZ which make home ownership much more realistic.

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  • VA Home Loan Requirements

    VA loans are insured by the government, specifically the US Department of Veterans Affairs. With this backing, VA-approved lenders can offer better terms for a VA loan to veterans, active members of the military, and surviving spouses. The main benefits of a VA loan include no down payment, no private mortgage insurance premiums, and lower interest rates. However, several requirements must be met to qualify for a VA loan.

    Military Status

    You have to either have military service in your background, such as the Army or National Guard, or have been married to someone who did and has passed away to be eligible for this type of mortgage. If you have completed 181 days of active military service in peacetime, completed 90 consecutive days of service during a war, served more than six years in the National Guard or Reserves, or been married to someone who died in the line of duty or from a service-related disability, then you could receive a VA loan. A certificate of eligibility will be required to show the mortgage lender that you meet one of these standards for VA loans. You can obtain your CoE online, with a DD form, or with personal service from District Lending.

    Reliable Borrower

    A VA loan lender will analyze your ability to cover monthly payments. If you are considered too risky, they may reject your application. The lender will look at your employment history, available cash, credit score, debt-to-income ratio, bank statements, tax returns, pay stubs, and more to ensure that you will be able to pay for the VA mortgage. Fortunately, there are no specific credit requirements or DTI standards set by the US Department of Veterans Affairs on these loans, so it depends on the lender you choose.

    Property Status

    Buying a home in Mesa, AZ with a VA home loan is not completely straightforward because some property restrictions apply. The property must be your primary residence. It cannot be a vacation home, seasonal home, or rental property. Additionally, you must occupy the home within 60 days of the date of the VA loan approval.

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    Factors that Impact VA Loan Payments

    Almost all home loan programs work the same. You borrow the money needed to complete the home-buying process, then you agree to pay back that loan amount plus interest to the lender. Several factors will affect the amount of your monthly payments for VA loans.
    • Interest Rates

      If you are a veteran, active service member, or surviving spouse, then a VA home loan grants you access to more competitive interest rates than a conventional mortgage. The lower the interest rate is, the lower your loan total and monthly premiums will be. Competitive interest rates are also offered to those with great or perfect credit scores, so you can bring down your payments with a low interest rate, even lower than the averages in Mesa of 7.01% for a 30-year fixed and 6.1% for a 15-year fixed.

    • Down Payment

      Although one of the many benefits of Mesa, AZ VA loans is the lack of a down payment requirement, you can still invest money upfront to reduce the total cost of the mortgage. This will result in less money paid over time on interest rates, which average around 5.9% for a 30-year fixed VA home loan in Mesa, and lower monthly premiums. Additionally, being willing to invest a larger down payment could make the lender more likely to approve your VA home loan.

    • No Private Mortgage Insurance

      Guess what! Most buyers that do not put forth a down payment of at least 20% on other loan programs like conventional home loans end up paying for private mortgage insurance. With VA home loans, you don’t have to pay any insurance premiums because the Department of Veterans Affairs insures them, which will make your monthly bill even lower.

    • Closing Costs

      Whenever you purchase a home, there are closing costs that must be paid at signing. These often include costs like attorney fees, realtor fees, title search fees, property transfer fees, and more.

      VA loans come with an additional cost known as the VA funding fee. This small, one-time cost helps to fund other VA home loans and is rarely waived when you apply for a VA loan, though there are some exceptions.

    • Entitlement

      A VA entitlement refers to the VA loan limits that you are eligible for as a borrower. A partial entitlement means that there is a limit to what you can borrow before having to cover a down payment. A full entitlement, on the other hand, means that there is no maximum amount for your borrowing capacity set by the Department of Veterans Affairs. At District Lending, the maximum borrowing amount for a Mesa, AZ VA loan is $2,000,000. The VA loan limit across the state is $726,200. There could be a remaining entitlement if you only use a partial entitlement for a mortgage.

    • Refinancing

      If you have a previous conventional loan or VA loan that you would like to refinance to lower your monthly bill, then this is possible with a streamline VA home loan. You could also do a cash-out refinance loan to have some capital to invest in home improvements. Refinancing can impact your monthly payments and is an option that many VA home loan borrowers take advantage of after building some equity.

      As a side note, another one of the many benefits of VA loans is that you can access 100% of the equity you have built in the home when refinancing. This results in more savings or more cash out for those who refinance with VA home loans.

    Secure a Mesa, AZ VA Loan Through District Lending

    Get a Free Quote
    If you want a clearer picture of what VA loans look like and if you can afford them, then consider requesting a free, no-credit-check quote from District Lending. Veterans, military members, and spouses can then plan their home searches more effectively as they browse properties in Mesa, Arizona. For reference, homes in this area are generally selling for very close to the initial listing price, or for 1% below listing.
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    Calculate a Mortgage
    Our mortgage calculator will let you play around with the variables to test different payment scenarios for a VA mortgage. Adjust the down payment, interest rate, term length, and other factors to see how the benefits of VA loans play out in monthly costs. Use the mortgage calculator anytime, even before you officially qualify for VA home loans.
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    Get Pre-Approved
    Veterans, active service members, and military service spouses deserve an advantage in the real estate market for their service and sacrifice, especially when competing with other buyers. One strategy that can help you make faster offers is to pre-qualify for a VA loan. Getting pre-approved for VA home loans will set you up to get a foot in the door early with the property you want, and this process for loans at District Lending is smooth and easy. Since homes in Mesa only stay on the market for 40 days on average, moving quickly to make an offer is essential.

    Serving the community of Mesa, AZ and the surrounding area

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