If you are an active duty or retired member of our nation’s armed forces, but you may be eligible to purchase a home using a VA loan in Phoenix. This is also an option available to surviving spouses. If you are found to be eligible, you can look forward to putting zero down on your new home.
A VA loan allows you to purchase a home with a mortgage which is insured by the US Department of Veterans Affairs. Because the loan has government backing, your risk profile as a borrower is lower than it would be if you are applying for a conventional home loan.
If you do qualify for a VA loan, many benefits await you, including:
Purchase a home without a down payment.
Take advantage of lower interest rates.
VA mortgage closing costs typically are in the range of 1 to 3%, when not paid for by the seller.
You can save money every month by choosing not obtain private mortgage insurance (PMI). This is true even if you bought a home with zero down.
Your ability to negotiate mortgage terms improves with VA financing over conventional financing.
VA mortgages are flexible and may be used for home purchase, refinance, construction, repairs, and upgrades.
The basic requirements to be eligible for a VA loan are as follows:
You must be a veteran, active duty member of the military, or eligible surviving spouse.
Any branch of the military may qualify. If you were a National Guard or Reserve member, you must have been activated to be eligible for a VA loan.
You must meet a minimum service requirement to qualify. How long does this need to be? The requirement varies based on whether you served during wartime or peacetime and during which era. In general, if you served active duty during peace time, you will probably need to log 181 days of continuous service. If you served active duty during wartime, the typical requirement is 90 days.
If you have applied for a VA loan in the past and been granted one, you might wonder whether that will prevent you from getting another VA loan now.
The answer is no. You can still be eligible for another VA loan. Furthermore, it does not matter how many years have passed since your service. VA loan benefits never expire.
If you have a foreclosure or bankruptcy in your past, these also do not prevent the VA from insuring a loan for you now. So long as these events are sufficiently far behind you according to the qualification requirements, you can still get VA financing.
A new home in Phoenix or anywhere in the state of Arizona could be yours with zero down payment if you are eligible for a VA loan. Find out now if you qualify by giving us a call at (480) 470-1080. We look forward to working with you during your VA loan consultation.
Barrett Financial Group LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.