Arizona VA Mortgage Loan

My Brother is in Iraq

Maybe this isn't appropriate here on my website, but my brother is in the Army. He is on active duty in Iraq right now. He is on the bomb squad and his tank has already found a land mine the hard way. Luickily no one was injured, just shaken up.

I figure if you are on this page then you are probably in the military as well and just hope that you will say a prayer for him. His name is Travis. He is scheduled to come home for a couple weeks around Thanksgiving for his son's birthday before going back.

It will be te first time we have seen him since he left for boot camp over a year ago.

Arizona VA mortgage loans are only available to veterans of the armed services. At one point in time VA loans were assumable which was quite a benefit when selling a home. People that could not qualify for financing could just take over the payments of a VA loan. This is no longer one of the benefits. Technically they are still assumable, but the person that wants to assume the loan must qualify for it. Might as well just have them get their own loan so that you can reuse your VA loan if you choose.

If you are a veteran there are still a number of benefits to using a VA loan.

You can finance up to $417,000.
There is usually no down payment required.
Credit worthiness is less of a concern when applying for a VA loan.
Even if you have had a bankruptcy within the past three years it may be possible to be approved.
There is a cap on the fees that lenders are allowed to charge in conjunction with VA loans.

Because these loans are partially guaranteed by the government there is an additional fee associated with a VA loan that does not apply to a conventional loan. Most notably there is a fee that acts similar to an insurance premium. Although there is no additional monthly mortgage insurance. This fee is allowed to be financed into the mortgage. In fact all closing costs are allowed to be financed.

The VA mortgage loan program has recently introduced an adjustable rate mortgage product as well as the standard fixed rate loan.

Overall there are stipulations, but assuming there was not a dishonorable discharge and the loan is being used to build a home, buy a home, improve a home, refinance an existing home loan, or buy a manufactured home the VA loan program is a nice benefit to allow veterans the ability to purchase a home.

If you are finished reading about how a VA mortgage loan works,
you can return to our Arizona Mortgage Loans section.