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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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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 »
How do I get a down payment for Homes in Colorado Springs?
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC in Colorado Springs
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Colorado Springs Home Buyer’s Down Payment FAQs
With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and 
the $8000 tax incentive for first-time buyers, buying a home in Colorado Springs has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market.
Q. Are there any no-down payment programs left?
Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.
A USDA Guaranteed Loan is a Read the rest of this entry »
