VA Loans and Mortgage in Colorado
VA Loans offer some very great benefits to those that have served our country.
Whether you’re retired from the armed forces or actively serving our country, buying a home in Colorado is easier with VA loans. As seasoned mortgage brokers in Colorado, we are confident in our ability to help you qualify for a VA mortgage. We have extensive experience in working with discerning military homebuyers like yourself to help them with their home loan or VA mortgage.
In Colorado, VA loans are insured by the Department of Veterans Affairs (VA) to ensure security to you and the lender. The VA mortgage provides prospective homebuyers with affordable and flexible opportunities. With your VA mortgage, you have a better chance at becoming a qualified buyer for the home you want in Colorado. The payments for VA loans could be less than what you would have to pay for with conventional financing.
VA loans are typically used for buying a new home in Colorado, but we can also help you obtain a VA mortgage if you are planning to refinance your existing mortgage in Colorado. Do not hesitate to approach us for home loan assistance or if you have more questions about VA mortgage. We recommend VA loans to active duty personnel and veterans of the US military.
Is it your second time applying for a VA mortgage? We can help you take another one too. Another advantage with VA loans is that you will not be automatically disqualified if you have a foreclosure or bankruptcy in your financial record. We’ll even guide you throughout the application process.
Contact us if you have more questions about VA loans in Colorado. An eligible surviving spouse may also qualify for a VA mortgage in Colorado. Likewise, all military branches in Colorado, including the National Guard and Reserve are eligible for VA loans in Colorado.
The VA loans are guaranteed by the U.S. Department of Veteran Affairs and is available to most US service members. The loans offer some amazing benefit to the brave men and women who have served our country. So, what do you need to know about the VA loan? Here is a quick run down of all the ins and outs.
- 100% financing
- Owner-occupied only
- 620 minimum credit score
- No MI (mortgage insurance)
- Seller concessions allowed
- Easier to qualify since they are government backed
- A Funding fee is required- this ranges from 1.25% – 3.3% depending on the amount of money you put down and whether you have used your benefit in the past. This fee can be rolled into the loan
- You can use the VA loan more than once and sometimes can have 2 loans at the same time.
- Closing costs are still required but they can be rolled into the loan as a lender credit. Therefore, your only out of pocket expense will be earnest money and home inspections.
- Quick close times- We will close your loan in 30 days or less, guaranteed!
FUN FACT: YOU CAN HAVE MULTIPLE VA LOANS AT ONCE!
With every rule, there are exceptions. To qualify for multiple homes having a VA loan, they must have the original intent to be owner-occupied. Each county within every state has a set limit of the max VA benefit. Please check your county limits here (link to VA limits for 2018). If you have a VA loan and your balance is $200,000 and you are looking to buy another home (in El Paso County, CO where the max VA benefit is $453,100), then your remaining benefit would be $253,100. Let’s say your home purchase is $300,000. This would exceed your VA benefit by $46,900. Therefore, your down payment required would be $11,725. Make sense?