Colorado VA Loans

Secure a VA Mortgage in Colorado

Veterans in Colorado have many opportunities for homeownership available to them.  If you’re a veteran and you live in or plan to live in Colorado, you likely qualify for a Colorado VA loan.  This is a specialized loan type that is guaranteed by the Department of Veteran Affairs (VA).

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program came about in order to assist veterans in transitioning from active service into homeownership.  Research has shown that owning a home leads to significant wealth creation and career stability.  Veterans who have served this nation deserve to be given the best opportunities for success that this nation has to offer.

Lenders who provide VA loans are not attached to the VA in any way.  Rather, the VA simply guarantees loans that are provide to qualified veterans.  This guarantee translates into lower risk for the lenders and allows them to offer lower rates and better terms to the veterans they serve.

VA Loan Benefits in Colorado

The advantages of a VA loan are numerous.  The exact benefits that will apply to you and the value of the loan you receive will depend on your own financial needs and goals.  Some of the most common benefits available to VA borrowers are listed here.

• VA loans don’t ‘require a down payment.  You can make a down payment if you choose, but it is often not required.
• There are many different payment arrangements and loan term lengths available, ensuring that you’ll find the loan package that fits your needs.
• You won’t have to pay private mortgage insurance, regardless of whether you make a down payment or not.
• Closing costs can be handled by the seller and rolled into the loan.
• No repayment penalties apply to early loan payoffs.  This gives you the opportunity to pay your loan off sooner and save money.

VA Loan Requirements and Eligibility

VA loans are specialized and exclusive, and as a result, you must meet the qualification requirements in order to apply successfully.  The requirements vary depending on the time period during which you served in the military, but the basic requirements are outlined below.

• You must be a veteran.  You must be an American citizen.
• You must not have been dishonorably discharged from your service in the military.
• You must have served on active duty for at least 90 days in a continuous stretch.
• You should have a credit score of 620 or greater. 

VA Refinance

The VA office also guarantees refinance loans made to veterans.  You can apply your VA eligibility to a Colorado VA Streamline (IRRRL) refinance, a specialized refinance program that is considered one of the simplest and cost effective refinance packages available in the mortgage market.  The streamline refinance allows you to bypass much the excess paperwork and additional fees typically required by a conventional refinance.

An alternative is the VA Cash-Out refinance, which allows veterans to withdraw 100% of their equity out of their home as cash. The cash may be used for any purpose. Both current, eligible VA loan borrowers and non-borrowers may use the VA Cash-Out option. The latter group will be refinancing into a VA loan.

You can save a lot of money through a refinance.  You’ll spend less money on your monthly payments if you obtain a lower mortgage rate, and you may even be able to pay your entire loan off sooner.  Check with a lender to determine your options.

Colorado VA Mortgage Rates

The most essential element of any loan program, whether it’s a VA loan or not, is the mortgage rate you get on the money you borrow.  The mortgage rate is the cost of having the loan.  It’s a simple as that.  If you want a lower cost, pursue a lower mortgage rate.

Mortgage rates vary from lender to lender and from area to area, and they fluctuate based on the national averages.  Contact several local lenders to get a feel for what the average rates are.  Then find the lender that offers the best deal.  It’s not hard to find the lowest mortgage rates if you’re willing to put in some research.

VA Lenders in Colorado

The form above will put you in touch with up to four local lenders in your part of Colorado who can best finance your VA loan and meet your funding needs.  Use these lenders as a resource for any research you plan to do.  Ask them about mortgage rates, VA loan limits, and any other topics you’re unsure about.  You can also get information from the Department of Veteran Affairs.

Colorado Military Information

Colorado has three active military bases. They are Buckley Air Force Base in Aurora, Air Force Academy in Colorado Springs, and Peterson Air Force Base, which is also located in Colorado Springs.

VA Loan Lending Limits in Colorado

Lenders in: Colorado.