VA Loans in Phoenix, AZ

• Enjoy buying a home with a competitive interest rate which would not otherwise be available to you. This is because these loans are backed by the government, which makes them less risky.
• There is NO down payment on a VA loan.
• You are not required to pay for private mortgage insurance (PMI), even though you have not made any down payment on your home.
• Manage to pay off your VA loan early? You will never be charged a penalty for doing this.
• In some situations, the seller may pay the closing costs.
• If you happen to hit a rough patch with payments, the VA may be able to help you out.
• If you are disabled, you can get the Funding Fee waived (otherwise, the funding fee typically ranges from 1.25% – 3.3%).
• You can also take advantage of cash-out refinancing and interest rate reduction refinance loans (IRRRL). These programs can help you to convert equity into cash if necessary, or refinance for a lower interest rate on your payments. In fact, IRRRL is a very streamlined process.

Are You Eligible for a Phoenix VA Loan?

You do NOT have to be a first-time homebuyer to qualify for a VA loan! You do however need to meet the following eligibility requirements:

• Active duty, veteran, National Guard, or Reserve member. For each, there is a minimum active duty service requirement you need to meet (in many cases, it is as low as 90 days). Surviving spouses qualify as well.
• You must be purchasing a qualifying home, condominium, manufactured home, manufactured home lot or VA-approved project. Alternately, you may also build your own home from the ground up.
• VA home loans may be used for eligible improvements as well (such as energy efficiency upgrades).