What is VA Loan?
The VA Home Loan Program ensures that all veterans are given an equal opportunity to buy a Home in Phoenix AZ with VA assistance. The program helps veterans finance the purchase of homes with favorable loan terms and with an interest rate that is still competitive with conventional or FHA rates.
Who is Eligible for a VA Loan?
The term “veteran”, for VA housing loan purposes, includes most past and current members of all branches of the military, members of the National Guard, reservists, and certain categories of spouses. To determine your status online go to http://benefits.va.gov/homeloans/purchaseco_certificate.asp, and apply for a Certificate of Eligibility (COE), which any lender will require prior to processing a VA loan application.
VA Loan Financing Benefits
VA-guaranteed financing is a benefit which Congress intended eligible veterans should have. If you are a veteran home buyer or know of one, it makes sense to look into the VA loan program as a good way to finance a home purchase. Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the other advantages of VA home loans:
- Most important consideration, no down payment is required in most cases
- Loan maximum may be up to 100 percent of the VA-established reasonable value of the property
- Flexibility of negotiating interest rates with the lender
- No monthly mortgage insurance premium to pay
- Limitation on buyer’s closing costs
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