By Dayv Morgan
At about 50,000 people, the city of Maricopa is significantly smaller than Maricopa County, which boasts a population of 4.3 million.
Despite our small-town nature, Maricopa almost doubles the ratio of VA home loans over the Maricopa County housing market.
Between January and September, VA loans made up 13.4% of the loans for closed home sales in the city. Maricopa County’s VA loan figure was 6.9% over the same period. In Pinal County, it was 11.1%.
Because VA home loans require veterans to occupy the homes they purchase, it could safely be assumed we have a very patriotic city with almost twice as many veterans and active-duty servicemembers purchasing homes per capita as the Phoenix area.
There are many benefits for those who qualify for a VA loan. According to the U.S. Department of Veterans Affairs, generally there is often no down payment unless required by the lender, no private mortgage insurance, no credit score requirement and VA loans can also be used to refinance an existing home.
The new maximum loan amount for VA loans is $484,350, raised from $453,100 last year and significantly higher than the FHA loan limit of $314,827.
Veterans and active duty servicemembers who meet certain length-of-service requirements are usually eligible for a VA loan, along with other certain groups of individuals. To learn if you are eligible, call the VA at 1-877-827-3702.
Dayv Morgan, HomeSmart Success
This column appears in the November issue of InMaricopa.