The Colorado VA home loan offers several advantages over other types of loans. One of the most significant benefits is that VA loans do not require a down-payment, allowing for 100% financing. This is all with a very low interest rate and no monthly mortgage insurance! You pay the same market rate whether you are making a 10% down-payment or $0 down-payment. In addition, VA home loan rates are lower than conventional rates.
The Colorado VA home loan can be used to purchase a new home or refinance an existing home loan, whether your loan is a VA home loan or not. VA home loans are available to all honorably discharged veterans and active duty military. The Department of Veterans Affairs does not lend the money; they guarantee or insure the funds that are loaned to you by a VA approved lenders. Any bank that is approved to finance VA Home Loans can help you apply.
Colorado VA home loan borrowers also have the luxury of not having to pay mortgage insurance. Mortgage insurance is an insurance policy that insures the lender in case you default on your loan. In contrast, with a standard conventional loan you will have to pay mortgage insurance if you put down less than 20% as a down-payment. Mortgage insurance can add quite a bit to your payment, making a VA home loan an even better option compared to conventional or FHA loans.
Another great bonus on your Colorado VA Home Loan is the discounts you can receive. Because we have been specializing in VA home loans for over 12 years, we have access to two unique programs.
The first is the Homes for Heroes program, which will give you discounted closing cost fees for your service. If you use a participating real estate agent, you can save even more. The other program is the Colorado Home Buyer Tax Credit, which lowers the amount of mortgage interest you pay by up to 50%!
We would be honored to talk to you regarding Colorado VA Home Loans, and help you determine if you can qualify. Just give us a call in the office at 303-670-0137 for a no obligation consultation!
Colorado VA Home Loan