Whether you receive PCS orders to relocate to Arizona or are already a resident, purchasing a home can be a great financial move. Using a VA loan in Arizona has many benefits for seasoned and first-time homebuyers alike.
With the average listing price of a home in Arizona landing at $405,983, the VA loan’s signature $0-money-down benefit is a considerable advantage for Arizona homebuyers.
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Tucson, AZ, you'll need to find a lender licensed in Arizona to do the loan.
See also: VA Loan Eligibility Requirements
VA borrowers in Arizona should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
VA borrowers in Arizona with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, Veterans without their full VA loan entitlement are still bound to Arizona’s VA loan limits.
As of January 1, 2023, VA loan limits for all counties in Arizona are $726,200.
Another consideration for VA buyers in Arizona is property taxes. For certain VA buyers, there are exemptions.
A disabled Veteran in Arizona may receive a property tax exemption of $3,000 on their primary residence if the total assessed value does not exceed $10,000.
If you are required to pay property tax in Arizona, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
|La Paz County||0.83%|
|Santa Cruz County||0.76%|
View the graphic below to learn more about how VA loans work in Arizona.