DOES THE MILITARY PAY YOUR MORTGAGE IN ARIZONA?

There are ways to have the military cover your mortgage when you purchase a home. Furthermore, when it comes to closing costs, those serving in Arizona have options for financial assistance. Learn more about how the military can help pay for your mortgage in Arizona among other costs.

Suggested read: Navigating the VA Loan In Hawaii With Ease

Will the Military Pay My Mortgage in AZ?

Service members can apply their basic allowance for housing (BAH) toward their mortgage and qualify for a VA loan. BAH might cover most or all of your monthly mortgage payments, but additional costs could apply depending on personal factors.

Mortgage Options for Military Members

Active-duty-for-training service qualifies you for a HUD/FHA Veterans' loan, administered by the Federal Housing Administration under the National Housing Act program. BAH rates, determined annually by the Department of Defense (DoD), remain stable due to rate protection, except for changes in duty stations, pay grades, or dependent status. Mortgage lenders typically verify BAH via Leave and Earnings Statements (LES) for consistency.

The Home in Five Advantage Program

For those who qualify, the Home in Five Advantage Program is available to help service members and Veterans cover the closing costs of buying a home along with covering the cost of your down payment.

Both the Phoenix IDA and Maricopa IDA collaborate to deliver the program offering up to 3% to 5% of the mortgage balance for closing costs and/or your down payment.

You must qualify for the assistance as a low- to moderate-income household and the program is only available for homes within Maricopa County.

Troops can receive a 3-year forgivable loan for assistance on the down payment/closing costs assistance, among other possible financial assistance options available.

Anyone who is an active duty member of the U.S. military, including the National Guard or Reserves, or is a Qualified Veteran can join the program.

Find the Right Military Mortgage for Your PCS

Whether it’s your first time buying a home or your thousandth, the process still comes with many different stress points.

Serving your nation throws in unique challenges that can add to the mental and physical hurdles you’ll need to clear in order to complete your Permanent Change of Station (PCS). Even preparing properly can be a hassle.

The team at USA Mortgage specializes in helping the military complete a PCS with fewer hassles and greater satisfaction.

MilitaryHomeLoans.org was created by USA Mortgage to help military members complete their PCSing mission with expert help and support every step of the way.

Michael Gillani takes pride in helping military members moving throughout the Scottsdale-Phoenix area find the right loans and programs to meet their needs.

Known for his experience with the VA loan process can help put your mind at ease, take advantage of assistance and programs, and leave no detail unchecked so that you can focus on your loved ones and service.

Right now, there is appraisal reimbursement for servicemen and women and reduced closing costs available. Contact Michael Gillani to complete your move with ease.

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This editorial is a result of a collaboration with USA Mortgage-Michael Gillani.