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There are over 560,000 Veterans in Arizona, most being eligible for the VA home loan benefit. In addition to Veterans, Service members as well as eligible surviving spouses can utilize the VA home loan guaranty benefit to purchase a primary residence or refinance their primary residence (it can be an investment property refinance IF the property was initially purchased with a VA loan for use as a primary residence). This program allows for a zero down - 100% loan up to $417,000 with no mortgage insurance, depending upon the amount of their VA eligibility. *VA Loans can also be used for loan amount of $417,001 to 1.5 million, with a minimal down payment.
This program provides low interest rates with little or no funds to close, in the situations where the seller and/or lender contribute toward closing costs and pre-paid interest, taxes and hazard insurance. This is a great option to minimize the cash to close if structured appropriately. New American Funding allows VA financing with credit scores as low as 580.
The Veterans Administration does charge an upfront funding fee to guaranty the loans, ranging from 1.25% to 2.40%, based on loan to value and type of eligibility. Disabled Veterans, and eligible spouses, are exempt from the funding fee. Use of the VA loan is not limited to a one-time use, in fact, you can use it multiple times as long as the eligibility has been restored when the previous loan has been paid through sale or refinance of the property. The funding fee is higher for subsequent uses, depending again upon loan to value and type of eligibility, from 1.25% to 3.30%.
The strategy which will best serve the individual borrower and both their short term and long term goals can be determined through the consultation with a licensed mortgage originator such as Lisa Amato, NMLS #249826.
New American Funding, NMLS #6606, is a Fannie Mae and Freddie Mac Direct Seller/Servicer, FHA Direct Endorsement - HUD Approved, and VA Automatic mortgage lender. The company is licensed in 33 states including Arizona, Licensed by the Arizona Department of Financial Institutions - License #BK-0912376 Broker Solutions Inc. dba New American Funding (NMLS #6606) Corporate Office is located at 14511 Myford Road, Suite 100, Tustin, CA 92780. Arizona has branches in Scottsdale, Mesa, Fountain Hills and the West Valley.
Lisa Amato, NMLS #249826, is a Senior Mortgage Consultant with 21 years of experience in finance and mortgage lending. Amato will provide options for your next home purchase or refinance, serving as your resource for information and guidance through the loan process, ensuring that all of your questions are answered while helping you achieve your goals.
New American Funding
(480) 244-6490
www.newamericanagent.com/branch/scottsdale
New American Funding is a paid advertiser of Sonoran Living Live
