Did you know that as a current or retired member of our nation’s armed forces, you may qualify for a zero down mortgage?
With a VA loan, you can also look forward to affordable rates and other exciting benefits when you move into a home in Arizona, California, Colorado, Oregon, or Washington.
What is a VA Loan?
Many people who qualify for VA mortgages do not even know they exist. A VA loan is a type of loan which the US Department of Veterans Affairs guarantees.
By guaranteeing your loan, the VA opens the door for lenders to offer you lower rates and easier qualification.
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Arizona VA Loan Benefits
Here are some of the advantages of a VA mortgage:
- You can purchase a home and move in with zero down.
- You do not need perfect credit to qualify.
- You can look forward to affordable mortgage rates even without ideal credit.
- There is no requirement to purchase private mortgage insurance (PMI).
- If you are an eligible disabled veteran, the funding fee can be waived.
- Your closing costs can range anywhere from 0 to 3%.
- If you are able to finish paying off your loan early, you will not pay a prepayment penalty.
- VA mortgages may be used for home purchase, refinance, construction, upgrades, or repairs.
Are You Eligible for a VA Loan in Phoenix?
To qualify for a VA mortgage, you will need to meet these eligibility requirements:
- You must be either an active duty member of our nation’s military or a retired member. You can also be an eligible surviving spouse.
- Service in any military branch is acceptable, as is activated duty as a member of the National Guard or Reserve.
- You must meet a minimum service requirement which is dependent on the era of your duty. Generally, 90 days of active duty wartime service or 181 days of continuous active duty peacetime service are sufficient to fulfill this requirement. We can check your service record against the qualification requirements for the era when you served to help you figure out if you are eligible for a VA mortgage.
Once you qualify for VA loan benefits, you can use them as many times as you want over the rest of your lifetime with no concerns that they will expire.
So, even if you have had a VA loan in the past, or even if it has been decades since your service, you can qualify for VA mortgage now.
Additionally, you can qualify for a VA loan even if you have a foreclosure or bankruptcy on record so long as the waiting period has passed.
Apply Now for a Zero Down VA Loan
If you are ready to move into a home with zero down in Arizona, California, Colorado, Oregon or Washington, Desert Springs Mortgage can help you find out whether you qualify for VA mortgage. To apply now, please call us today at (623) 432-1309.