Arizona VA loans (Veteran’s Affairs) loans are mortgage loans provided by mortgage brokers and bankers and guaranteed by the U.S. Department of Veteran Affairs (“The VA”) to veterans for the purchase or streamline refinance of a home.
VA loans are always the best way to borrow mortgage funds, if you are one of the few people honorable enough to serve our country.
With VA loans, the lender is protected by the Veteran’s Administration if the borrower fails to repay the loan. Banks are always very eager to lend government funds.
No down payment is required on VA loans and the borrower can even get qualified with less-than-perfect credit.
Again, this is because the VA is protecting the bank if the borrower were to default or foreclose.
VA loans can be used to buy a home, build a home and even improve a home with energy-saving features. For example, weather-stripping, storm windows, or insulation. The improvements need to be approved by the VA before the VA loans financing can be approved.
For example, if you owed $100,000 on a VA loan, but you wanted to put $10,000 worth of energy saving improvements, you would refinance your loan to a new balance of $110,000.
Veterans can take advantage of their VA benefits with an Arizona Wholesale Mortgage loan. We have been licensed to participate in VA loans since 1998.
Give us a call at (602)358-8717 and we’ll provide you an over-the-phone rate quote and a very close approximation of what you can expect to pay (or not pay) in closing costs, be it for a VA streamline refinance or new home loan.
VA Streamline Refinance
If you currently have a VA mortgage loan, Arizona Wholesale Mortgage can help you get a lower interest rate through the VA.
With a “streamline” refinance, the veteran does not have to show any income documentation or bank statements. As long as you have been paying your mortgage on time for the past 12 months, you can refinance your VA loan.
What can I expect to pay for a VA refinance or new VA mortgage loan?
The VA does charge a fee to provide loans to veterans, and that is beyond the control of any bank.
In other words, you will have to pay a fee to the VA no matter who you choose as your lender. There is no such thing as a zero-cost VA loan. However, you do not need to have the cash “up front”– the Veteran’s Affairs office will allow you to roll your VA fee to be put into the mortgage.
For example, if you want to buy a home that costs $100,000 and the Veteran’s Affairs fee is $2,000– your loan amount would be $102,000. You do not need to pay the VA anything in advance.
The amount of the Veteran’s Administration fee varies, depending on whether this is the first time you’ve used your VA benefits, or you have used it multiple times. The fee goes up every time you take out a new VA loan.
There is one absolute requirement for every VA loan: a Certificate of Eligibility (COE) from the VA must be obtained to qualify for the loan.
To get one, simply go to the Veteran’s Portal at http://www.ebenefits.va.gov and click on the MyeBenefits on the top-left side. It will open a new screen that will display different benefit types.
On the bottom right of the screen, you will see a tab that is labeled “Housing.” You will need a user name and password to request a Certificate of Eligibility (COE).
If you do not have a user name and password, just click the link titled “Request/Activate a DoD Self-Service Logon,” which is displayed just beneath the log in area.
Or if you would like us to help you get your certificate, we’ll be happy to get it for you.