What is a VA Loan?
A VA loan is a $0 down payment mortgage option available to Veterans, Service Members, and select military spouses. VA home loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).
Today, the VA mortgage is more important than ever. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making the VA loan a lifeline for Veterans and active Military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements.
What are the Requirements for getting a VA Home Loan?
VA Jumbo Loans
If you are purchasing or refinancing a home and your loan amount will be above $484,350 then a VA Jumbo Loan might be just what you need.
VA Home Loan Funding Fees
The funding fee is typically 2.3 percent of the purchase price of the home. For subsequent use of your VA Loan benefit, the fee is 3.6 percent. VA borrowers can roll the funding fee into their overall loan amount.
Benefits of a VA Home Loan in Peoria, Arizona:
VA Home Loan Eligibility in Peoria, Arizona
To get qualified for Veterans Purchase Home Loan Program please contact Nathan Rufty at (623) 850-1210.
We believe it’s important to help veterans in Yuma, Arizona, military service members, and their surviving spouses realize the dream of home ownership, and we’re honored to assist you through the process of obtaining a VA mortgage or VA home loan.
Created before the close of World War II, the VA home loan benefit has helped millions of veterans, service members and military families achieve the dream of homeownership. Today, in many ways, it's more important than ever.
VA loan volume has soared in the wake of the Great Recession, driven in large part by historically low rates and increasingly tougher lending requirements. The VA program provides significant financial benefits that make home buying possible for score of veterans who might not otherwise qualify.
Whether you are looking for a home Yuma, Arizona, or in a location elsewhere within Arizona State, we can help you understand and explore your financing options and find the home loan that’s right for you.
VA Mortgage Benefits in Yuma, Arizona
Private lenders (mortgage companies and banks) are the ones who provide VA home loans. However, if eligible, you can get more favorable terms on VA mortgages than you might with conventional mortgages. Why? Because the United States Department of Veterans Affairs (VA) guarantees a portion of the loans.
First Steps to Obtaining a Arizona VA Mortgage
The first step to obtaining a VA mortgage in Arizona is to determine if you’re eligible to participate. As experienced mortgage brokers, our home mortgage professionals are knowledgeable about the VA’s requirements, and the factors that might affect your eligibility such as length of military service and your duty status.
Call Nathan Rufty at (623) 850-1210.
VA purchase home loan program in Wickenburg, Arizona, who does them
What is a VA loan in Wickenburg, Arizona?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by a private lender, such as a bank, credit union or mortgage company. A VA loan can make it easier to buy a home because it typically doesn't require a down payment.
Only qualified U.S. veterans, active-duty military personnel and some surviving spouses are eligible for VA loans. The GI Bill of Rights created the VA home loan program in 1944 to help veterans get a foothold in civilian life after World War II.
How does a VA loan work in Wickenburg, Arizona?
The VA’s guarantee means the government will repay the lender a portion of a VA loan if the borrower doesn't make payments. This assurance reduces the risk for lenders, which makes it possible for them to offer favorable terms and require no down payment.
If eligible, you can complete the VA mortgage application process through a lender of your choice. Many, but not all, lenders offer VA loans, and some lenders specialize in serving VA loan borrowers.
Who can get a VA home loan Wickenburg, Arizona?
You’re an active-duty military member or veteran who meets length-of-service requirements.
You're the surviving spouse of a service member who died while on active duty or from a service-connected disability and you have not remarried or remarried after age 57 or Dec. 16, 2003. Spouses of prisoners of war or service members missing in action are also eligible.
You meet the lender’s requirements for credit and income. The VA doesn't set a minimum credit score for VA loans, but lenders can set their own minimum standards. The lender will also consider your income and debts to evaluate your ability to repay the mortgage.
The property you want to buy meets safety standards and building codes and will be your primary residence.To get started on your VA loan in Wickenburg, Arizona, call Nathan Rufty at (623) 850-1210