Areas We Serve
To provide our services to the greatest number of military members, we offer VA home loans throughout the majority of Arizona, including these areas (and more):
If you are relocating to a military base such as Fort Huachuca, Davis-Monthan Air Force Base, or USMC Yuma Air Station, you will find that VA loans in these areas make it easier to find reasonable mortgage terms on a home that is conveniently located for your work.
Contact us today to get started with your VA loan in Arizona; we can make the process simpler by helping you qualify for a VA loan in Arizona in 30 days or less.
How Do VA Loans Work in Arizona
There are specific VA loan requirements set by the Department of Veteran Affairs and your mortgage lender that you must meet in order to qualify. The VA loan requirements in Arizona are virtually the same as any other state in the U.S.:
- You must be an active-duty service member, veteran, or surviving spouse (not every military member will qualify, there are certain terms of duty that apply).
- Your FICO credit score is 580 or higher.
- You meet income qualifications (not required for VA IRRRL).
- You complete a pest inspection and VA appraisal on the property (not required for VA IRRRL).
- You meet our requirements for credit event seasoning (including foreclosures and bankruptcies).
What are the interest rates on VA loans?
The interest rates on VA loans depends on a variety of factors, including the current market and your personal financial situation. While interest rates on home loans are constantly changing, Griffin Funding always strives to provide competitive VA home loan rates in Arizona.
What are typical closing costs on a VA loan?
Closing costs for your Arizona VA loan may include the VA funding fee, loan origination fee, VA appraisal fee, state and local taxes, and more. Closing costs are often divided by the seller and the buyer. The amount of closing costs you are required to pay depends on the value of the home, whether you make a down payment, and negotiations with the seller.
Generally speaking, the VA only allows sellers to pay 4% of your portion of closing costs, the rest will be your responsibility. That said, there are closing cost assistance programs that can reduce your up-front costs.
What is the VA funding fee for 2020?
The amount that you are required to pay for your funding fee depends on the type and amount of your VA home loan in Arizona, as well as whether you are making a down payment. Based on the VA funding fee rates for 2020, if you pay less than 5% down on your first VA purchase or construction loan, your funding fee will be 2.3%. The more you put down, the lower the funding fee. It is important to note that if you have used your VA loan benefits more than once and put down 5% or less, your funding fee will be higher.
You can pay the VA funding fee up-front during closing, or you can roll it into your loan. If you qualify for VA disabilities or have service-related injuries, you may be eligible for 0% funding fees on your home loan.
Can you get down payment assistance with a VA loan?
There are programs that can be paired with VA loans in Arizona to help with closing costs. One such program is the VA Home Plus Loan Program, which is available through the Arizona Housing Finance Authority and provides funding to be used to cover closing costs up to $19,200. There are certain requirements for this program, including a 640 or higher FICO score and a maximum debt-to-income ratio of 50%.
With 0% down payment on your loan and closing costs covered, you can buy a home with no money down.
If you have further questions about how these loans work, our knowledgeable loan specialists are happy to walk you through the basics of VA loans in Arizona.
VA Loan Advantages in Arizona
There are many notable advantages of VA loans in Arizona, including:
- 0% down payment
- Low interest rates
- Low closing costs
- No PMI
- 0% funding fee (for borrowers with VA disabilities and service-related injuries)
- Reduced seasoning on credit events (foreclosure, bankruptcy, etc.)
In addition to these benefits, you also have the ability to transfer your VA home loan in Arizona to an eligible buyer.
Is a VA loan worth it?
If a VA loan is worthwhile for you depends on your personal circumstances. However, for most eligible service members, a VA home loan in Arizona will offer the best financing terms.
Additionally, when you work with Griffin Funding as your VA lenders in Arizona, you will have access to the highest level of service and competitive rates. For more info on Griffin Mortgage Bankers and our purchase, refinance, or VA construction loans in Arizona, speak with a member of our team today.
VA Loan Limits in Arizona
VA loan limits refer to how much you can borrow that is guaranteed by the Department of Veteran Affairs to the lender, if you happen to default on the loan. This is the maximum loan amount you can qualify for without having to make a down payment. However, you can exceed the loan limits, if you are willing to put money down up-front and can qualify based on your lender’s terms (including FICO score and income requirements).
What is the maximum VA loan amount in Arizona?
According to the 2020 home loan limits, the max VA loan amount in Arizona that you can qualify for without a down payment is 510,400.
However, if you still have your full VA entitlement, then the VA loan limits in Arizona do not apply to you.
Types of VA Mortgage Programs
The right type of VA loan depends on what you hope to achieve with your VA home loan in Arizona. At Griffin Funding, we offer several VA mortgage programs, including:
- VA Purchase Loans: A VA purchase loan can be used to build, purchase, repair, or adapt a home.
- VA Streamline Refinance Loans: A VA streamline refinance loan can be used to refinance your current VA home loan in Florida to qualify for a lower interest rate and potentially reduce your monthly payment, which is why it is also referred to as an interest rate reduction refinance loan (IRRRL).
- VA Cash-Out Refinance Loans: A cash-out refinance loan can be used to refinance your current home loan, whether that is a traditional mortgage or VA loan. By using a cash-out refinance loan instead of an IRRRL, you can withdraw the equity from your home as cash, which can then be applied to other expenses.
If you are unsure of which loan best meets your needs, our loan officers can recommend a suitable mortgage program for you once they evaluate your eligibility.
Apply for a VA Loan in Arizona
Move forward with purchasing or refinancing your home with a VA loan in Arizona. Our loan specialists are here to guide you to the right mortgage programs for your needs. Get started by simply filling out an online application or calling us at (855) 394-8288 to have a loan officer assist you.