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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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- How do I get a down payment for Homes in Colorado Springs?
- 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. Read the rest of this entry »
6 Key things to know about the Homeowners Assistance Program for Military families
HAP program updates
Related Post: Housing relief for military families in Colorado Springs
I have a client I’m assisting with getting qualified for the HAP program and have already written one blog about this; but as new details continue to become available, I thought it would be a good idea to update my readers.
Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy 
and other military installations in the Colorado Springs area will be glad to learn they may now be eligible for relief for their housing challenges. The program is called the Homeowners Assistance Program (HAP), and is administered by the Army Corps of Engineers. For military personnel in Colorado Springs, the main contact is US Army Corps on Engineers in Fort Worth.
HAP Field Office, Fort Worth
U.S. Army Engineer District, Fort Worth
P.O. Box 17300
Ft. Worth, TX 76102-0300
817-886-1112
888-231-7751HAP
The official guidelines for the program are expecting to be released within the next 60-90 days and already the counselors for our area indicate they have many applications waiting.
According to the web site, here are some of the requirements:
1. Permanent reassignment requires move of more than 50 miles. Read the rest of this entry »
