Home loans offering our Active-Duty Military, Veterans, and Surviving Spouses some of the most affordable options to purchase or refinance.
Arizona Lending Group is proud to help those who have served our great country by providing them with some of the best home loans available on the market. Here are a few advantages we provide to veterans through our VA loan program:
Some of the fastest closing times on the market
We prioritize our veterans by providing appraisals in an average of 8 business days, and closing in an average of 25.
No down payment required
No mortgage insurance required
Consistently low-interest rates
Rates for VA loan products are typically between 0.5% and 1.0% lower than their conventional counterparts
Relaxed credit requirements
There’s technically no minimum credit score for a VA loan, and eligibility
is determined on a case-by-case basis using benchmarks set by
individual VA lenders.
Limited closing costs
What is a VA Loan?
A VA loan is a mortgage loan in the United States that is backed by the Department of Veterans Affairs. These loans are designed to benefit veterans and military families. Generally, these loans are made to first-time homebuyers who don’t have good credit. For this reason, these loans have lower down payments than other types of mortgage loans. They are also available to people with poor credit. However, there are some specific requirements you should know about before applying.
A VA loan can be challenging to qualify for, especially if you want to buy a multi-unit property. Mortgage lenders consider multi-unit properties to be riskier than single-family homes. Because of this, you have to prove yourself as a stronger borrower. In addition, VA underwriters need to verify that you have enough cash reserves or emergency savings to cover your monthly mortgage payments. You should also have six months’ worth of income saved to cover principal and taxes. Your lender will also want to know whether you have experience as a landlord and how much you know about property maintenance.
For example, the VA will only allow borrowers to purchase single-family homes. This means that you should not buy a working farm, a downtown deli, or a fixer-upper. Unlike conventional mortgages, a VA loan does not require private mortgage insurance. If you don’t have good credit, the savings can be significant. Even if you have bad credit, a VA loan is still the way to go.
Why Consider A VA Loan?
We offer VA purchase solutions for your next home with as little as 0% down and VA refinances up to 100% loan-to-value for primary homes.
Take advantage of favorable loan terms
Let Arizona Lending Group Assist You With Your VA Loan!
Our experienced mortgage professionals will review your complete financial profile, including your income, assets, and credit to make it simple & easy.
Mortgage Broker in Scottsdale, AZ
“ARIZONA LENDING GROUP, INC., AZ MB-1023670 & NMLS 2137491. THE PRINCIPAL AND INTEREST PAYMENT
ON A $203,500 30-YEAR FHA FIXED-RATE LOAN AT 2.625% AND 96.5% LOAN-TO-VALUE (LTV) IS $974.31. THE
ANNUAL PERCENTAGE RATE (APR) IS 3.703% WITH ESTIMATED FINANCE CHARGE OF $5,600. PAYMENT
INCLUDES A ONE-TIME UPFRONT MORTGAGE INSURANCE PREMIUM (MIP) AT 1.75% OF THE BASE LOAN
AMOUNT AND A MONTHLY MIP CALCULATED AT 0.85% OF THE BASE LOAN AMOUNT. THE 0.85% MONTHLY
MIP IS REQUIRED FOR A SPECIFIC PERIOD OF TIME REGARDLESS OF YOUR DOWN PAYMENT OR EQUITY IN
YOUR HOME. THE PRINCIPAL AND INTEREST PAYMENTS, WHICH WILL CONTINUE FOR 360 MONTHS UNTIL
PAID IN FULL, DO NOT INCLUDE TAXES AND HOME INSURANCE PREMIUMS, WHICH WILL RESULT IN A HIGHER
ACTUAL MONTHLY PAYMENT. RATES CURRENT AS OF 10/26/2021. SUBJECT TO BORROWER APPROVAL.”