VA Loans for Colorado Buyers
VA mortgage loans offer a variety of advantages for Veterans or active-duty military members who are interested in purchasing a home.
What is a VA Loan?
A VA loan is a mortgage insured by the U.S. Department of Veterans Affairs (VA) and issued by a private lender, such as a mortgage company, bank, or credit union. They are available to the men and women who have served our country as part of the U.S. Armed Forces. VA loans have competitive interest rates and usually do not require a down payment, making them an extremely attractive option for eligible borrowers. Because they are guaranteed by the VA, it reduces the risk to the lender, making it possible for them to offer such favorable terms.
What are the Benefits of a VA Loan?
VA loans offer no down payment options and do not require monthly mortgage insurance. If applicable, the VA Funding Fee can be financed into the loan. Eligible borrowers can use a VA loan to purchase a new home or refinance a current one.
Qualifying for a VA Loan
The U.S. Department of Veterans Affairs sets the eligibility requirements for VA loans. To qualify, a borrower must be current active military (90 days minimum service), an honorably-discharged Veteran, a Reservist member (six years with an honorable discharge or 60-180 days of active duty), an eligible surviving spouse, or granted Veteran status through civilian employment.
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