Arizona VA Loans

Veteran’s Day Parade, Tucson, AZ

Arizona VA Loans Proudly Offered Here

Arizona VA 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.

Secondly, Arizona 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.

Advantages of this loan program:

Furthermore, with a VA loan, the Veteran’s Administration protects the lender or your bank 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 protects the bank if the borrower were to default or foreclose.

More Advantages:

One can buy a home, build a home and even improve a home with energy-saving features with Arizona VA loans. For example, weather-stripping, storm windows, or insulation. VA must approved the improvements prior to the VA loan financing.

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.

VA loans can be used on both single family residence and manufactured homes.

Veterans can take advantage of their VA benefits with an Arizona Wholesale Mortgage Inc. loan. We have been licensed to participate in VA loans since 1998.

information8Give 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 Inc. 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 pay your mortgage on time for the past 12 months, you can refinance your VA loan.

information8 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.

information8Need Cash Out? We can lend up to 100% of your homes value on both single family and manufactured homes.

Advantages Of A VA loan:

  • The closing costs are comparable – and usually lower – than other mortgage loans.
  • No mortgage insurance is required, even with zero down VA loans!
  • You have the right to prepay your VA loan (or pay early) without penalties.
  • VA loans are assumable or can be “taken over” by other eligible veterans.
  • Counseling and assistance is available to VA loan borrowers having financial problems or facing foreclosure on their VA loan.
  • Although mortgage insurance is not required on VA loans, the VA does charge a funding fee to the borrower in case the borrower was to default on their mortgage. The fee is usually just rolled into the VA loan itself.

There is one absolute requirement for every Arizona VA loan:

A certificate of eligibility must be obtained to qualify for the loan. If you don’t know how to obtain a copy, we can do this for you during the loan process.  We make lending easy!