Imagine What a VA Home Loan Could Do For You

If you are a veteran in Colorado Springs, purchasing a home and utilizing your VA home loan benefits is easier than you think. There are so many advantages that come with a VA Loan; it’s easy to see why so many Colorado veterans choose this loan over a FHA or Conventional Mortgage. Check out the amazing opportunity you have with a VA Home Loan:

NO Down Payment

VA Home Loans are one of the last remaining ZERO down payment loans. When you couple this with the fact that a seller can pay all the reasonable and customary closing costs, you have the opportunity to step into a home with little to no money out-of-pocket.

Low Rates Equal Lower Monthly Payments

Interest rates are also lower with a VA Loan and can be anywhere from 0.5%-1.0% lower than a conventional loan. A lower rate combined with monthly mortgage insurance or PMI savings can substantially lower your monthly payment.

NO Mortgage Insurance

PMI, or private mortgage insurance, is not necessary on a VA loan unlike the requirements for Conventional and FHA loans. Conventional and FHA loan programs can carry hefty monthly mortgage insurance premiums that could add hundreds of extra dollars to your monthly payment.

Easier Qualifications

Because a VA loan is backed by the government, banks have relaxed the often strict lending rules you see with other types of loans. A VA mortgage is easier for VA loan applicants to obtain.

VA Mortgage Benefits:

• VA guidelines do not put an unusual amount of importance on credit scores, but will require that your most recent 12 month credit history be free of late payments, collections or judgments.
• Less reserves required (meaning how much money you have left in your bank account after closing) and
• Lower credit score requirements – most lenders are looking for a minimum 620 credit score.

NO Prepayment Penalty

Several years ago, it wasn’t unusual for a Conventional loan to carry a hefty prepayment penalty. The cost to pay off your loan prior to the expiration of the prepayment penalty could cost hundreds if not thousands of dollars. The VA does not allow for a prepayment penalty which allows you to pay your loan off at any time.

PreQualify for a VA Loan in Colorado Springs

Whether you have used your VA eligibility previously or are using your VA benefits for the first time, we would love to help you understand the unique advantages of a VA Home Loan. Start using your VA Benefits and be on your way to owning your new home by Pre-qualifying for a VA Loan Today.

Imagine What a VA Home Loan Could Do For You was written by Rebekah Radice.

 

 

 

 

 

Rebekah's Mortgage Grapevine (unashamed plug) provides insight, education and musings on anything from mortgage lending and real estate, to social media, marketing and all things relevant to your everday success! If you want to learn lots of cool things, have your thoughts provoked, AND be entertained, be sure to hit the SUBSCRIBE button to the right! 

 

Rebekah Radice | Mortgage Loan Originator

Want to know more about me?  Just Google Me! 

T: 719.387.1368 | Email: rebekah@rebekahradice.com | Website: http://rebekahradice.com |CO & NMLS Licensee: LMB100010938 & 288596 | Benchmark Mortgage dba Ark-La-Tek Financial Services, LLC | 12 E. Kiowa |Colorado Springs, CO 80903

 

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