If you have served the country through the military, you may be qualified for a VA loan in Colorado Springs. It should be easier and more affordable for you to buy a new home in Colorado. Eligible veterans, current members of the military, and their beneficiaries or spouse are able to buy a home using this loan. Likewise, they can enjoy benefits that can help them save money, an advantage which may not be available with a regular home loan.
Are you interested in applying for a VA loan in Colorado Springs? Be sure to go over these important things before you proceed:
- How it started – The mortgage program for veterans started when a lot of military members were having difficulty saving or securing sufficient income for a conventional mortgage to pay for the down payment of their home purchase. That said, VA loans do not require a down payment, and the closing costs are low. Moreover, it may cover most of the value of your home.
- Insured by VA – VA loans offered by third-party mortgage lenders are insured by the Department of Veterans Affairs.
- Eligibility – To qualify, your credit score must be at least 620 or higher. You will need to pay the VA funding fee too, and that is a percent of the home value, depending on your decision to pay your down payment.
- Few costs – Besides the funding fee, the other costs involving the VA loan in Colorado Springs are minimal. For instance, you do not have to pay for private mortgage insurance, which is typically mandatory when you make a down payment that is less than 20 percent of the property’s value. That’s because the government is assuming the risk of you not being able to pay the mortgage. And with lower closing costs, you should have more money left for other expenses.
- You can get help – The VA loan in Colorado is best for veterans who lack the necessary savings or income to afford their dream home’s down payment. If you need more information on VA loans, don’t hesitate to contact a mortgage broker.