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Financing options for Colorado Springs Military — VA Loans are the best!
Are you a military member or a veteran?
Are you moving to Fort Carson? Schriever AFB? Peterson AFB? Air Force Academy?
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- Credit score explanation
- Financial Do’s and Don’ts
- Local lenders vs. a National lender
With your VA Guaranteed Home Loan benefit you can still obtain a loan with no down payment and a fixed interest rate that is as good as or better than a conventional mortgage rate. Let’s start with some of the basics about VA loans.
What is a VA Guaranteed Home Loan?
Some people have the misconception that the military is the organization loaning the money. Not true. Your VA Guaranteed Home
Loan will be made by a private lender, such as your bank or a mortgage company of your choosing that has VA lending approval.
The guaranty means the lender is protected if you fail to repay the loan. This is also why you will not have to pay private mortgage insurance (PMI). Normally, a lender would require a down payment and/or PMI to obtain a loan.
For even more facts about VA Guarantee Home Loans in Colorado Springs, go the web site for the United States Department of Veteran Services.
You still must meet loan requirements
If there are items in your credit history that are derogatory, you can be denied a loan even though you have your Certificate of Eligibility. The VA cannot demand a lender make a loan to you that would violate their lending practices.
Lenders also must comply with the VA rules and policies when it comes to income and credit standards. Just having the benefit is not enough, you must be credit worthy and have the correct debt to income ratios.
Is a VA Appraisal the same as an Inspection?
No, these are not the same thing. Many issues can affect a VA appraisal and certain things must be repaired before a VA Loan can close. These are normally safety issues, such as stairs with no railings, back doors without decks, or peeling paint. Additional conditions that can cause issues are rotted exterior wood trim, roof leaks, broken windows, plumbing leaks and exposed electric wiring.
The home cannot be in major disrepair. It needs to be livable and in decent condition.
What are the benefits of a VA Home loan?
- No down payment required
- Ability to finance the VA funding fee
- No mortgage insurance premiums
- An assumable mortgage
- Right to prepay without penalty
It could be the perfect time for you to purchase a Colorado Springs home with a VA loan. Interest rates are at all time lows and home prices in the Colorado Springs have hit bottom.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
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Another thing…
As a military, a veteran or a surviving spouse of a veteran you can purchase or refinance your home by VA loan. The availability of VA loan is better than any other mortgage loans present in the market. To develop a great relationship and proudly achieve VA Mortgage Loan partner for life, please visit VA Loans Colorado.