An Academy Mortgage Corporation Branch

Derek Egeberg, Branch Manager

1375 W. 16th Street, Suite B, Yuma, AZ 85364

NMLS #180899 | State Lic #LO-0915245 | Corp NMLS #BK-0904081 | Corp NMLS #3113

The Approval Coach

Arizona VA, USDA & FHA Home Loans & Mortgages in Yuma, San Luis, Somerton

Contact Us Today: (928) 247-9089

titles_blue1.jpg VA Lending Program titles_blue3.jpg

The VA Lending Program is for active military, reserves and retired military.

  • No Money Down
  • No Monthly Mortgage Insurance
  • Seller can pay closing costs for ZERO out of pocket if negotiated.

*For qualified buyers. Conditions apply. Please consult your mortgage
and tax professionals for details.

For more information, call (928) 247-9089 Today! Or, Click Here to send us an email.

VA Loan Eligibility Requirements

Find out if you are eligible for a VA Home Loan

If you are considering a VA Home Loan the fastest and easiest way to find out if you qualify is by connecting to a VA Home Loan Specialist who can help to determine your eligibility, qualification level and let you know what your options are.

It doesn't cost you anything and there is no obligation. You will simply be connected to a VA Loan Specialist who will let you know how to maximize your VA benefits.

Review VA Loan Eligibility Requirements

Generally speaking almost all active duty and honorably discharged service members are eligible for a VA Home Loan.

You May Be Eligible If Any One of the Following are True:

  • Served 181 days during peacetime (Active Duty)
  • Served 90 days during war time (Active Duty)
  • Served 6 years in the Reserves or National Guard
  • You are the spouse of a service member who was killed in the line of duty.

If you can say "Yes" to any of one these statements, congratulations, you may be eligible for a VA Loan! So, how do you take the next step? Get connected with a VA Loan Specialist who can help you maximize your VA benefits and let you know what you qualify for. There are no obligations and your credit will not be pulled.

Conventional vs VA Loan

See the unique advantages of a VA Loan

Buying or refinancing a home is a very important decision. Almost as important as selecting the right home, is selecting the right loan program. There are distinct differences between VA and Conventional loans as well as significant advantages for buyers who qualify for a VA Loan.

Down Payment - VA Offers $0 Down
Conventional loans require a minimum down payment of 3% but in many cases, particularly in today's market banks are asking for as much as 10-20% down. Down payments help to mitigate the bank's risk should the loan go into default. Because a VA Loan is backed by the federal government, banks do not require a down payment making a VA Loan one of the only loan programs that can still offer 100% financing.

Monthly Payment - Save Big Every Month with VA
Because the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value.

Banks will also offer a lower interest rate to a VA borrower (typically 0.5%-1.0% reduction vs conventional). Interest rates are based on the banks capital risk should the loan go into default, but because a VA Loan is backed by the government the bank takes less risk and is able to offer a lower interest rate to you. A lower rate combined with no PMI can substantially lower your monthly payment as seen in the chart below.

VA Loan vs Conventional - Estimated Monthly Payment Savings

Loan Amount 1.0% Rate Reduction PMI Savings Est. Monthly Savings*
$150,000 $94 $115 $209
$250,000 $156 $191 $347
$350,000 $220 $268 $488
$450,000 $282 $345 $627

*Estimates based the borrower putting $0 down with a 1.0% interest rate deduction.

Qualification Standards - VA is More Lenient
The qualification standards for each loan type are very different. Once again, because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans making them easier to obtain.

It is important to know the differences between the loan types and understand your options. Get connected to a VA Loan expert who can help you see what is best for your situation.

Get Started with your VA Loan Request

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