Are you a United States veteran living in Phoenix? In Arizona, respect and gratitude for vets prevail every day. One of the ways that veteran’s pride for and service to our country is honored is through veterans loans.
Applying to be a homeowner can be a difficult process for anyone. For a veteran who never had a chance to establish and build credit, it can be even more so.
Luckily, there are several options for VA home loans in Arizona:
VA loans are available to active or retired service persons and select spouses. The Veterans Affairs program started providing loans in 1944. Rates are very competitive, there is no down payment, and closing costs can be covered between some and all of the amount. Arizona VA loans are easy to apply for and incredibly generous.
USDA loans come from the U.S. Department of Agriculture and help veterans with low incomes who want to purchase land or homes in rural areas. The land available for this type of loan is based on a predefined location zone.
Federal Housing Administration loans are targeted toward purchasing “fixer upper” houses, especially those with plans to become more energy efficient. If you go with an FHA loan, there is a monthly mortgage insurance that will also need to be paid up front.
Conventional loans don’t come with a government guarantee, so the borrower must pay a down payment and, likely, a monthly private mortgage insurance. There is a minimum credit score for a conventional loan and typically, it’s higher than that of the other loans.
Get more information on veteran’s programs and VA loans in Arizona by reaching out to MMG Nova Home Loans. We work with you along every step of the process to ensure that you can achieve your dream of becoming a homeowner.