Need a VA loan?  Did you know that VA loans are 100% loans?  They do not require any money down.  Yep!  They are one of the last home mortgage loans out there that no not require any money down.  In order to qualify, you do need to be a Veteran.  You need a middle fico score of 580 or higher to qualify.

Upfront Funding Fee:

On VA loans, you pay an upfront funding fee.  This amount is determined by the VA.  The upfront funding fee amount goes directly to VA.  Why?  Well, the VA is insures your home against a foreclosure.  If your loan does go into foreclosure, the only money the VA makes off your loan is the upfront fee amount that you paid at closing.

What Determines Your VA Funding Fee?

Your military type determines your VA funding fee and whether or not you have purchased a home using a VA loan in the past.  VA loans typically follow the same guidelines as Conventional.  The exception though is the waiting period after a bankruptcy, short sale, and foreclosure is not as long as a Conventional loan.  Secondly, to qualify for a VA loan, one still needs to be continuously employed for the last two years. Thirdly, we are required to perform a written and verbal verification of employment on you.  Lastly, VA rates are extremely attractive.  Alot of times the VA loan rates are much cheaper than on a Conventional loan.  VA loans DO NOT HAVE MORTGAGE INSURANCE. Yep!  That’s correct.  VA loans do have mortgage insurance.  This is the most attractive part about a VA loan. You don’t have that extra expense of paying for mortgage insurance like a Conventional or FHA loan.  This is a huge cost savings.

Arizona Wholesale Mortgage Inc. is now serving the states of Arizona.

Article 1:  100% No Money Down VA Loans

Don’t have any Va benefits?  If your loan amount is within the FHA mortgage limit call us and ask about our down payment assistance program that only requires a down payment in the amount of 1.5% of the purchase price.