Arizona VA Loans: The VA Mortgage Loan Program
An Arizona VA loan is a popular option for many veterans across Arizona. Arizona VA loans allow veterans to purchase a home with 100% financing and have no monthly mortgage insurance. For veterans who currently have an Arizona VA loan that is at a higher-than-market interest rate, they can easily take advantage of the VA streamline refinance with no out of pocket closing costs required.
As you are already aware, the VA doesn’t actually lend you money for your Arizona VA loan, they only insure your loan so that if you default, the lender gets paid. Because of this reason, lenders are excited about lending money to veterans through the Arizona VA loan program.
Arizona VA loan highlights include:
- 100% financing for new home purchases
- No mortgage insurance required
- No prepay penalty in any Arizona VA loan
- Arizona VA loans have similar closing costs to other loans, even though they offer 100% financing
- A one time funding fee is charged – but can rolled into the loan
An Arizona VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar heating or cooling systems, water heaters, insulation, weather-stripping, storm windows/doors or other energy efficient improvements approved by the lender and VA.
Arizona VA Loans: The Certificate of Eligibility
In order to qualify for an Arizona VA loan, you must have a Certificate of Eligibility from the VA and it must be in your loan package in order to qualify for a VA home loan. If you don’t currently have a certificate of eligibility or need help obtaining your certificate, you can contact us directly for help!
Arizona VA Loan Streamline Program
For veterans who are currently in an Arizona VA loan, the VA streamline refinance program allows you to take advantage of lower interest rates without having to completely re-qualify for a new loan. With the Arizona VA streamline refinance, you can lower your monthly payment and interest rate with no out of pocket expenses. The VA streamline is also known as the VA IRRRL program.
VA Loans: How To Save The Most Money
Regardless if you are buying a home or refinancing your VA loan, there is one secret that you can do to save money that most lenders won’t tell you – shop around! When you shop multiple VA lenders for a rate quote, they are compelled to offer you their best deal – and you might be surprised at how different each rate quote is for your situation. Shopping lenders is easy, free and only takes a few minutes. Get a free VA loan quote today!