Colorado Springs Vintage Homes Blog

6 BIG advantages of VA loans

VA Loans

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

Must Read Articles:

• NORAD is still alive and smaller under Cheyenne Mountain
• After fierce competition Colorado Springs finally lands the Air Force Academy
• An early history of Ft. Carson
• History of Ft. Carson part II
• Military relocation? 6 tips to read before you buy a home 
• Relocating to The Air Force Academy? Here’s some great info to make your move easier.

I went to a training class last week on VA loans and came across all types of valuable information I wanted to share with our Colorado Springs home buyers. (I’m a strong believer that a Realtor needs to constantly increase and update their knowledge about all things real estate, never can learn too much.)

Since Colorado Springs is surrounded by military bases (Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy ) ; as well as there are many military retirees in the areas, VA loans are very popular.    The stats show that 30% of all loans in the area are VA Loans. 

Advantages of VA loans

When a Colorado Springs home buyer is trying to decide what type of loan they are going to use, it’s important for them to understand some of the advantages of VA loans:

1. No down-payment requirements. 
   1. There are not many loans left that don’t require a down-payment
2. No monthly MIP
   1. MIP is the abbreviated term for the Mortgage Insurance Premium that many FHA loans and Conventional loans add to your monthly mortgage payment
3. Assumable Mortgage
   1. This could be really important in the future if interest rates start to rise; it could make it much easier to sell a property and have a new buyer assume the existing loan
4. Limitation of closing costs
   1. VA has requirements on the amount of closing costs that can be passed on to the buyer
5. No pre-payment penalties for loans  
   1. If a buyer purchased a house with a VA loan; and sells it a year later, there is no pre-payment penalty for early payoff of the loan
6. VA Appraisal
   1. VA appraisals are known as some of the most accurate in the industry; and they also check that the home is safe, sanitary, and in sound condition

Part II, and Part III of this blog will include information about the 4% VA concessions, what a VA loan can be used for, information on VA appraisals, and eligible properties for VA loans.  If you would like names of some local lenders that specialize in VA Loan, email KTorline@msn.com.

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Kathy (719-287-1049)   KTorline@msn.com

Tags: Military in colorado springs, moving to Colorado Springs, Peterson Air Force Base, real estate agent colorado springs, relocating to Ft. Carson, relocating to NORAD, relocating to The air Force Academy, Relocation Information for the Colorado Springs Area, VA concessions, VA loan, VA loans

This entry was posted on Friday, May 15th, 2009 at 4:24 am and is filed under For Buyers, Military. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Quick Pay Day Loan said at December 5th, 2011 at 1:52 pm

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