VA Home Loans

VA Home Loans

VA Home loans are, quite simply, the single best option in home mortgage financing for veterans who qualify. Credit scores are not as often a factor in qualifying. There are very few closing costs that the veteran/buyer is required to pay and, the best part – 100% financing is available!

VA Home Loan Information:

  1. No down payment required
  2. No mortgage insurance monthly
  3. No prepayment penalties
  4. Do not have to be a 1st time home buyer
  5. Can be reused once the VA loan guarantee is paid off
  6. VA Home Loans are assumable (subject to approval of the buyer assuming the loan)
  7. Credit Qualification is often simple to obtain
  8. Low interest rates

Important information for a Realtor representing a home buyer utilizing a VA Home loan-

VA requires their own appraiser to assess the value of the property and often times, this process can take up to 10 business days. However, if the appraiser determines a value to be less than what the Realtor believes the value to be, VA will permit a second look under the “Tidewater Initiative”  (Refer to page 25 of the VA Panel Appraisers Handbook). Additionally, make certain that the property seller is aware that there are some costs that they may have to pay for at closing (as per lines 79 & 80 of the Arizona Real Estate Contact). Contact The Ryan Parker Team at 623-340-0344 to discuss how we may be able to assist the buyer and seller  to cover all or part of these required costs.

You might be asking yourself- “What if I have had a bankruptcy, foreclosure or short sale in the past? How long do I need to wait to apply for a VA Home Loan?”

Foreclosure or Deed-in-Lieu for VA Home Loans

• 2 years from date foreclosure completed and transferred back to bank • 12-23 months from date foreclosure completed and transferred back to bank when acceptable extenuating circumstances exits and credit has been re-established and paid as agreed

Short Sale for VA Home Loans • VA does not have a set requirement but individual investor may have an overlay associated with a short sale

Bankruptcy (Chapter 7) for VA Home Loans • 2 years from date of discharge • 12-23 months from date of discharge if acceptable extenuating circumstances exists and credit re-established and paid as agreed

Bankruptcy (Chapter 13) • 1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments have been made timely


Ryan Parker and NOVA Home Loans are your VA Home Loan Experts! Call us today with any questions or to apply for a new VA Home Loan, 623-340-0344.