Arizona VA Loans

Arizona VA Loans

An Arizona VA mortgage is popular with many veterans here in Arizona. As other loan financing options have went away, the VA loan is one of the few 100% financing programs. Another reason that VA loans are popular is because VA loans have no monthly mortgage insurance. If you have currently financed your house with a VA loan and interest rates are lower than when you got your loan, you can lower your rate with the VA streamline refinance program (also known as the VA IRRRL) which can require no out of pocket closing costs.

Lenders are excited to loan Veterans money because the VA guarantees them against loss in the event of a default. VA is not the lender on your loan, they are just the insurer. Because of this, lenders are excited to lend money to Veterans to help them get into a home.

Arizona VA loan information:

  • 100% financing for new home purchases
  • No mortgage insurance required
  • No prepay penalty in any Arizona VA loan
  • Arizona VA loans have similar closing costs to other loans, even though they offer 100% financing
  • A one time funding fee is charged – but can rolled into the loan

VA loans can not only be used to buy a home, but can also be used to improve a home which has become popular in recent years. Many homes are upgrading their energy-saving features and installing items such as solar heating systems, more insulation and storm windows.

Certificate of Eligibility
When applying for a VA loan, you will be required to have a certificate of eligibility that proves you are eligible for the VA home loan program.

If you don’t currently have a certificate of eligibility or need help obtaining your certificate, your loan officer can help you locate one.

Arizona VA Loan Experts: Shop Around

The easiest way to get a great deal on a loan (whether you are in Arizona or not) is to shop for a great lender. Shopping for a lender is easy – and you should be sure to get multiple quotes from multiple lenders before making your final decision. Shop for multiple lenders and get written quotes today – by starting right here!

This site is for informational purposes only. It is not sponsored or in any way affiliated with the government. If you are in need of a mortgage loan, consult with a licensed mortgage professional. All fair housing and equal housing opportunity laws apply when applying for a mortgage or buying a home. Copyright 2012.