Homebuyers who served in our nation’s military have the opportunity to apply for a VA mortgage.
Through this loan program, you can buy a home in Tempe or anywhere in AZ with zero down payment.
What is a VA Mortgage?
The VA loan program is one of the ways in which our government says thank-you to our country’s veterans.
The US Department of Veterans Affairs backs this loan, which makes it easier to qualify for and enhances its benefits.
Benefits of a VA Mortgage in Arizona
- Purchase a home in Arizona with zero down.
- You do not need to pay for PMI or MIP, even if you do not make any down payment.
- Closing costs are capped.
- You can qualify for a competitive interest rate even if your credit score is not perfect.
- So long as discount points are not being charged, you do not require an appraisal if you want to refinance.
- The funding fee is waived for eligible disabled veterans.
Do You Qualify for a Zero Down VA Loan?
It is possible to qualify for a VA loan if you are:
- A veteran
- An active-duty service member
- An eligible surviving spouse
No matter what branch of the military you served in, you can qualify for a VA mortgage, including the National Guard or Reserve (though you must have been activated).
You must be able to present a Certificate of Eligibility (COE) with your application, and you can only use a VA loan to buy a primary residence. You cannot purchase investment real estate or a second home with this loan type.
Just as would be true were you applying for a conventional loan or another mortgage product, your credit score and other financial details will be assessed.
There is a minimum service requirement in order to qualify for a VA mortgage. 90 days of active duty wartime service or 181 days of continuous active duty peacetime service is the requirement in most cases, but for some duty eras, it differs.
Apply Today for a VA Loan in Tempe or Beyond
Misty can explain how VA loans work during your consultation, and check your service record against the requirements for your duty era. She also can help you get your COE for your application.
Are you ready to move into your AZ dream home now with zero down payment and no mortgage insurance requirement? Please contact Misty Garrison at (480) 618-5358 to schedule your consultation.