Using Your VA Loan Benefits to Buy a Home in San Tan Valley, AZ

If you've served our country and you're thinking about buying a home in San Tan Valley, Arizona, there's one mortgage option you should absolutely understand:

The VA loan.

I've talked with veterans who know they have a VA benefit but aren't sure exactly how it works.

Others assume they need a large down payment before buying.

And some have been told that sellers don't like VA loans or that they're difficult to close.

There are a lot of misconceptions.

For an eligible borrower, a VA loan can be an excellent way to finance a home.

Let's break down some of the most important benefits.

Can You Really Buy a Home With No Down Payment Using a VA Loan?

For eligible borrowers, 100% financing may be available, subject to VA requirements and the borrower's available entitlement.

That means you may be able to purchase a home without making the traditional down payment required with many other mortgage options.

That's a significant benefit.

Consider a veteran purchasing a $450,000 home.

A 5% down payment would be:

$22,500

A 10% down payment would be:

$45,000

If you're eligible to use VA financing with no down payment, that money could potentially remain in savings rather than being tied up in the home on day one.

That doesn't mean putting money down is always wrong.

It means you have options.

VA Loans Don't Have Monthly Private Mortgage Insurance

This is another major advantage.

Many low-down-payment Conventional mortgages include private mortgage insurance, commonly called PMI.

FHA loans generally include mortgage insurance premiums.

VA loans don't require monthly PMI.

That can make a meaningful difference when comparing monthly payments.

There May Be a VA Funding Fee

No monthly PMI doesn't mean there are no VA-specific costs.

Many VA borrowers pay a VA funding fee.

The amount can vary depending on factors such as:

• Whether you've used your VA benefit before
• Down payment
• Type of VA transaction

Some eligible veterans are exempt from paying the funding fee.

This is something we'll identify when reviewing your VA eligibility and Certificate of Eligibility.

What Is a Certificate of Eligibility?

Your Certificate of Eligibility, or COE, helps establish your eligibility for the VA home loan benefit.

Don't worry if you don't already have a copy sitting around.

In many cases, your mortgage professional can obtain the COE electronically during the loan process.

Once we review it, we can better understand your available VA entitlement and financing options.

Can You Use a VA Loan More Than Once?

This surprises some veterans.

VA home loan benefits aren't necessarily a one-time benefit.

You may potentially use VA financing more than once.

You may even have circumstances where you've used VA entitlement previously and still have options available.

If you already own or previously owned a home financed with a VA loan, don't assume your benefit is gone.

Let's review your COE and determine what is actually available.

VA Loans Aren't Just for First-Time Homebuyers

You don't need to be purchasing your first home to use VA financing.

Eligible borrowers may use VA loans for subsequent home purchases as well.

The property generally needs to meet VA occupancy and property requirements, so VA financing isn't simply a program for purchasing traditional investment properties.

But for an eligible veteran purchasing a primary residence in San Tan Valley, it's absolutely worth exploring.

What About Credit Scores?

This is another area where there's confusion.

The VA itself doesn't establish one universal minimum credit score that every lender must use.

Individual lenders may establish their own credit requirements and underwriting standards.

That's one reason working with a mortgage broker can be useful.

If one lender's requirements aren't a good fit for your situation, that doesn't automatically mean a VA loan isn't possible.

The VA Appraisal Is Important

VA purchases have an appraisal process designed to determine value and address VA minimum property requirements.

This sometimes creates the misconception that:

"VA appraisals are impossible."

That's not accurate.

Plenty of VA-financed homes close successfully.

The key is having your real estate agent and mortgage professional understand the VA process and address potential issues early.

What About Seller Concessions?

Depending on the transaction and VA guidelines, seller-paid costs and concessions may potentially help reduce some of the buyer's out-of-pocket expenses.

This can become an important part of the purchase strategy.

Instead of looking only at the home's asking price, sometimes we can structure an offer around the buyer's overall financial goals.

For example, a buyer may care more about preserving cash or reducing the monthly payment than simply negotiating the lowest possible purchase price.

That's a conversation worth having before making the offer.

Should You Put Money Down Even If You Don't Have To?

Maybe.

The ability to buy with no down payment doesn't mean every veteran should automatically put zero down.

You might choose to make a down payment because it could:

• Reduce your loan balance
• Lower your monthly payment
• Affect the VA funding fee in certain circumstances
• Fit better with your overall financial strategy

On the other hand, keeping money in savings can provide valuable flexibility after buying a home.

There's no universal answer.

I prefer comparing the scenarios and letting the numbers guide the decision.

Don't Drain Your Savings Just Because You Can

This is something I emphasize with buyers.

Owning a home comes with expenses.

After closing, you may need money for:

• Moving
• Furniture
• Repairs
• Landscaping
• Appliances
• Emergency savings

If VA financing allows you to preserve more of your cash, that flexibility can be valuable.

Buying the house is important.

Being financially comfortable after you get the keys is important too.

Get Pre-Approved Before Looking at Homes in San Tan Valley

If you're considering using your VA benefit, I recommend reviewing the financing before you begin seriously shopping.

A strong VA pre-approval can help you understand:

• Your available VA benefit
• Estimated purchase range
• Monthly payment
• Cash needed for closing
• Credit and income qualification
• Potential funding fee
• How to structure your offer

Then you're shopping with actual numbers instead of guessing.

Why San Tan Valley Veterans Work With Brick Mortgage

VA loans have some unique guidelines, and I believe veterans deserve to understand the benefit they've earned.

When you work with Jared Halbert at Brick Mortgage, I'll help you understand your VA financing options rather than simply handing you a pre-approval letter.

As a mortgage broker, I can compare options among multiple lenders and help structure the financing around your specific goals.

We'll look at the payment, cash needed, loan structure, and overall strategy so you can make an informed decision.

The Bottom Line

If you're eligible for VA benefits and considering buying a home in San Tan Valley, don't overlook the VA home loan.

The possibility of no down payment, no monthly PMI, competitive financing, and flexible qualification features can make it an extremely valuable mortgage option for eligible veterans and service members.

But your VA benefit is most powerful when you understand how to use it.

Before you start looking at homes, let's determine your eligibility, review the numbers, and create a VA mortgage strategy that makes sense for you.

Brick Mortgage, LLC — Serving San Tan Valley and All of Arizona
Jared Halbert — Mortgage Loan Officer
480-565-2223