Arizona VA Loans

Veteran’s Day Parade, Tucson, AZ

Arizona VA Loans Proudly Offered Here

Arizona VA loans are 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  and borrowers can qualify with less-than-perfect credit.  Again, this is because the VA protects the bank if the borrower defaults or forecloses.

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 approves the improvements prior to the VA loan financing.  For example, if you owe $100,000 on a VA loan, but you want 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.

information8Give us a call at (602)358-8717. 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.   APPLY HERE

VA Streamline Refinance

If you 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?

First off, the VA does charge a fee to provide loans to veterans.  This is beyond the control of any bank.  In other words, you  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.

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 funding fee varies, depending on whether this is the first time you’ve used your VA benefits, or you have used it multiple times.  The funding 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 is a loan requirement. If you don’t know how to obtain a copy, we can do this for you during the loan process.  We make lending easy!

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