The Veterans Administration (VA) was actually replaced by The Department of Veterans Affairs (VA) in 1989. In 1944, the VA began helping veterans purchase homes under the original GI Bill. Although some people think that the VA makes the loan, this is not the case. The VA guarantees that the lender will be protected up to 25% of the loan in the event of foreclosure.
What is the benefit of a VA home loan in Colorado? The VA home loan is one of the last mortgage programs with a "No Down Payment" benefit. FHA discontinued their "No Down Payment" program in 2008. The VA home loan allows for seller concessions that can be applied to the buyer's closing cost as well as debt. (i.e. car loans and credit cards) Additionally, the loan is assumable.
How do I apply for a VA home loan in Colorado? You can apply for a VA home loan through a mortgage lender that participates in the VA loan program. If you do not have one, you can give me a call and I can refer you to several in your area. VA determines a veteran's eligibility. You will have to complete a Certificate of Eligibility (COE) and provide proof of military service. Your lender can get the COE for you if they have access to the Web LGY system. This process can take seconds and is most ideal. Please note, not all cases can be processed electronically if there is insufficient data in VA's records.
What are the general eligibility requirements for a VA home loan in Colorado? You must have served on active
duty in one of the armed forces: Air Force, Army, Navy, Marines and Coast Guard. The requirements are too detailed to list since they are broken down by wartime, peacetime, active duty and even unmarried widows whose deaths were service related. In the end, VA makes the final determination.
What's the Next step? The process of getting a VA home loan in Colorado is actually very simple. After the COE has been issued, the lender has given initial approval and the purchase parameters have been established, it is time to contact a Realtor and find a home.
For additional information on purchasing a home with VA financing, please contact Stephen Connelly or go to the VA Quick Guide. To search all MLS IDX listings, you can go to www.househunterscolorado.com.
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