Colorado VA Loans are one type of Government loan, which refers to those loans that are guaranteed by one of two federal agencies. The two types of government loans are FHA loans and VA loans. The advantage of financing using VA Loans is that they are easier to qualify for and allow a borrower to finance more of the loan amount than non-government loans. VA Loans are available for most active duty and honorably discharged Veterans.
Whereas with a Conforming loan a borrower may only be able to finance 80% of the loan amount, Colorado VA Loans allow a borrower to finance 100% of the loan amount. VA loans are easier to qualify for and you can qualify if you have little money to put down, have a short credit history, or are having trouble qualifying for a Conforming loan. The VA requires proof of veteran status to qualify for the loan in the form of the VA Certificate of Eligibility. The only drawback to government loans is that mortgage insurance is required at all loan to values (LTV), for example, on a VA loan, there is an up-front mortgage insurance fee, or guaranty fee, which ranges from 2.15%-3.3% with zero down payment.
VA loans are designed to provide assistance in purchasing a home for United States Veterans. A benefit of a VA loan is that you can purchase a home with no down payment. In addition, it is slightly easier to qualify for Colorado VA Loans when compared to other types of loans.
Many people for who actually qualify for a VA Loan are not aware of it.
Who qualifies for a VA Loan?
The general rule is that during wartime, you must have served at least 90 days. If you served during peacetime, you must have served for at least 181 days. In all cases, you must have been honorably discharged.
We can help you determine if you qualify for Colorado VA Loans. Just give us a call in the office at 303-670-0137. We are honored to serve Veterans and have been specializing in providing straight answers and honest talk to vets for over 12 years.
Colorado VA Loans