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Mortgage Broker Phoenix AZ | Home Loans | Desert Springs Mortgage, LLC

If you are looking to buy a home or refinance in Phoenix, or throughout the state of Arizona, give us a call at (623) 432-1309 to schedule your consultation.

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Our Basic Guide on VA Loans and How It Works

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Tips to Get a VA Loan in Phoenix Arizona

Many people dream of taking on house loans without going through the hassle of making a down payment and improving their credit score, but it’s not an option that is readily available to everyone. Nonetheless, qualified borrowers can take on a unique opportunity that can help get them the best possible mortgage: VA loans.

What are VA Loans and How Do They Work?

VA loans are designed for active-duty military personnel, veterans, and other members that fall under the category. Unlike other mortgage programs, the government holds no part in issuing VA loans, but the U.S. Department of Veterans Affairs ensures that qualified borrowers can purchase their dream home at an affordable price without paying for a down payment or private mortgage insurance.

Keep in mind that VA loans are only applicable to homeowners who are purchasing their forever home, but it doesn’t cater to vacation homes or investment properties. On the bright side, borrowers can also use the VA loan for remodeling projects.

How Do You Qualify for a VA Loan?

Seeing as VA loans are designed for veterans, all borrowers who served in the Army, Navy, Air Force, Marine Corps, or Coast Guard are eligible for this type of mortgage program. However, veterans who did not serve for at least 90 days or were discharged due to misconduct may lose this privilege.

To prove your eligibility, you’ll need to apply for your certificate of eligibility online or ask your VA lender to handle it for you. However, remember that you still need to meet the lender’s financial requirements to become fully qualified to take on a VA loan.

Moving forward, spouses with a late husband or wife who passed on due to service-related situations – be it fighting in the war, became a prisoner, or is missing in action can also take on a VA loan.

The Bottom Line: Understanding the Innerworkings of a VA Loan and What It’s Best For

For families who have a veteran member, you can move on to the next chapter of your life and live in peace with a new home by taking on a VA loan to cover for your current needs. It’s an excellent reward for your years of service, especially considering the rising costs of houses in the marketplace.

Of course, just like any other home loan, it’s best to shop around for lenders until you discover the best program that suits your financial needs and capabilities.

How Can Our Phoenix Mortgage Lender Help?

Setting aside a budget for buying a home can be challenging for many people who live from paycheck-to-paycheck, but our expert loan officers can help cover your needs with VA loans. We’re a full-service mortgage brokerage company in Phoenix, Arizona, so get in touch with us at (623) 432-1309 and see our extensive list of financing options.

Mortgage Advantage for Veterans: 3 Benefits of VA Loans

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Mortgage Advantage for Veterans: 3 Benefits of VA Loans

In securing a mortgage, you can use several loan standards in finding the perfect payment platform. Among the different loans available, VA loans are one of the most cost-friendly loans in the market. They involve lenient underwriting, impressive secondary benefits, and, above all, low payment rates.

Securing a Mortgage with VA Loans

VA loans were an initiative of the US Department of Veterans Affairs to help active-duty personnel, veterans, and other related groups secure housing at affordable costs. VA loan’s impressive zero-down mortgage option is just one of the many outstanding benefits that it offers.

In this article, we share three benefits of VA loans.

  1. No down payment and mortgage insurance. Although most home loan programs require a down payment to buy a home, VA loans are an exception to this rule. Instead of paying a portion of the amount from 5% to 20% of the property’s total value, a VA loan can finance you up to 100% of the real estate’s price. It allows you to purchase a home without having to put any down payment at all. Lenders usually offer mortgage insurance to home buyers who cannot give more than 20% of a property’s total value. It is known as private mortgage insurance (PMI) for conventional loans and mortgage insurance premium (MIP) for FHA loans. These insurance policies protect the lender if a buyer defaults on the loan payments. VA loans, on the other hand, don’t require this bond, which makes it an affordable loan both upfront and over time.
  2. Versatile options with different lenders. Although the Department of Veterans Affairs backs it, it’s not funded by the VA. What this means is that the department doesn’t set mortgage loans’ restrictions.  Instead, VA loans are provided as an option by different lenders from banks, savings and loan institutions, credit unions, and mortgage lenders, each with their loan rates and fees. It allows you to have a wide selection of options in comparing loan offers from different lenders to find a VA loan that works best within your budget. Some VA loans offer fixed or adjustable rates, which can be used for different properties, ranging from condos, duplexes, and other kinds of real estate. Besides buying new real estate, you can also use a VA loan to refinance your existing mortgage for different purposes, such as home improvement projects.
  3. Easier process for application and transfer. Like all mortgage applications, VA loans require specific documents together with a viable credit history to ensure credibility in paying monthly payments. However, unlike other programs, VA loan guidelines can be more flexible due to the Department of Veterans Affair’s accommodation for its applicants. Its primary function is to allow eligible candidates to buy or refinance their properties effortlessly. You can also transfer your VA loan to a home buyer who is VA-eligible. The transfer-ability of assumable loans is beneficial when you’re ready to reap your investments’ fruits. If your home loan at today’s rate is expected to rise in the future, this assumption value of your VA further increases your property’s costs.

VA Loans with Desert Springs Mortgage

When it comes to buying real estate, you should always be informed of the different available loan plans. If you’re qualified for a VA loan, you should invest in securing the best payment plan possible that works with your current financial situation. The best way to get great mortgage deals is by making informed decisions backed by research on the various mortgage application processes and versatile loan plan options.

Before you commit to a mortgage deal, you should ensure that you’ve gone through all the possible options that are available to you. If you need a mortgage broker in Phoenix to help you in securing the best VA loans, get in touch with us today at (623) 432-1309, and we’ll make sure to guide you through managing your real estate’s financing!