VA HOME LOANS IN COLORADO SPRINGS, COLORADO, provide an excellent way for military families, both active duty and retirees, to purchase their family home with little or nothing out of pocket. VA HOME LOANS IN COLORADO SPRINGS, COLORADO, utilized extensively by military families who are on active duty at one of the military bases located within the Colorado Springs area.
Due to the number of Military who have served at one of the bases here through the years, we also have a large number of folks who decide to retire here due to the pleasant weather, lack of humidity, and numerous activities available for family members of all ages.
THE VA HOME LOANS IN COLORADO SPRINGS, COLORADO are a true "nothing down" type of financing. This is one of the big appeals to a family who is on a tight budget, or just wants to put extra dollars into home remodeling, children's college funds, or retirement funds. In fact, a seller is allowed to pay part or all of a veteran's closing costs and prepaid expenses to facilitate the sale of their home.
One interesting and often misunderstood facet of VA HOME LOANS IN COLORADO SPRINGS, COLORADO is that a veteran may use his VA entitlement more than once during his lifetime. To do this the previous loan must be paid in full upon sale of the home, or a veteran may ask a subsequent veteran purchaser to substitute his eligibility as part of the transaction, thereby releasing the old entitlement to be used again for the purchase of another home.
You can see how flexible the VA HOME LOAN PROGRAM IN COLORADO SPRINGS IS FOR THOSE WITH A MILITARY BACKGROUND. Don't let this opportunity pass you by. Check on your qualification status and be in you own home in no time at all.
Minimum Credit Standards for VA Financing
While the Veterans' Administration does not set a minimum credit score standard for VA Home Loans, the mortgage industry does. In the wake of the subprime meltdown, many of the secondary market mortgage investors (companies that buy bundles of mortgages) have tightened credit criteria.
The minimum credit standard for lending on VA Home Mortgages is set at a minimum credit score of 580. Credit Rescoring products are available to permanently increase credit scores. Ask your Loan Originator for more information.
Other criteria than just credit score are also considered in underwriting. A minimum of no more than 1 late on any credit, revolving debt and installment debt, including mortgages, is allowable according to most guidelines.
A Bankruptcy does not necessarily preclude VA Home Mortgage financing. In the case of a Chapter 7 Bankruptcy, a minimum of 1 year from discharge must elapse. However, cases with less than 2 years from discharge require the presence of an extenuating circumstance, such as loss of job due to medical reasons, for example. A Chapter 13 bankruptcy is allowable as long as 1 year from filing has elapsed and all payments have been made on a timely basis to the bankruptcy trustee.
Of lesser importance are medical bills, generally considered to be outside of the borrower's ability to control, and having far less negative impact on overall credit underwriting. In some cases, when medical bills are large, they may be required to be paid off with the proceeds of the loan.