If you are a Veteran eligible for a VA loan, now would be a great time to use your VA loan benefits and buy a home, given the low interest rates on home mortgages. If you are not sure about your eligibility, visit the Department of Veteran Affairs VA home loan eligibility page. Many lenders are VA endorsed and can process your VA home loan very easily. We are also happy to provide a list of Phoenix Arizona VA endorsed lenders should you require assistance.
Here are some of the other benefits of getting a VA loan:
1. VA loans include 100% financing with zero down payment required.
2. VA loan limits are $417,000 which can basically get you into an estate sized home in this current Phoenix Arizona real estate market!
3. There is no monthly mortgage insurance on a VA loan so your payments comparatively, will be lower.
4. Buyers can get up to 4% in closing costs covered by the home seller. Some VA fees (like escrow fees and lender processing fees) cannot be paid for by the buyer in a VA home loan transaction.
5. Rates are competitive because the VA home loans are guaranteed by the government; there is much less risk for the banks.
6. No pre-payment penalties if you pay off loan early.
These are only a few of the reasons why you may want to use your VA eligibility now when Phoenix Arizona homes prices and mortgage rates are so low.
You’re a United States Veteran – you deserve this home buying opportunity!