Several programs are available to help buyers pay the closing costs for the VA mortgage. These include:
Home Plus Program
Generally, veterans are offered 100% financing on Arizona VA loans. Thus, one can use money from this program to cater to the closing costs. Therefore, you’ll not need to pay a down payment, which means you finance an Arizona home without using any money from your pocket. If you live in Pima and Maricopa counties, you can take advantage of this program.
Home in 5 Program
This program is suitable for those purchasing a home in Maricopa county. It offers great down payment and closing assistance of up 3% for qualified VA borrowers. They have the money readily available and offer it with no strings attached, even for those buying a home for the second time.
Pima Tucson Homebuyer’s Solution
The program offers the same benefits as the VA Home in 5 Program. You get a 4% assistance of the loan amount for the down payment, and the money is readily available. Plus, you don’t have to be buying a home for the first to qualify. And there’s no requirement for repaying the grant.
VA Mortgage Arizona Waiting Periods
The waiting period depends on your credit event. For instance, if you’re taking the VA loans after a foreclosure, you’ll wait for two years after the foreclosure. And those taking it after a short sale will not wait as long as they are approved. Also, the waiting time after a chapter 7 bankruptcy is two years.