Home Loans California & Arizona

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

 

Posted by Nathan Rufty on July 22nd, 2020 3:43 PM

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