Know the Benefits of VA Loans in Colorado Springs

Posted by elevationmtg on February 17th, 2020

Colorado Springs is a great place to retire and settle down for military veterans. You may qualify for VA loans that will make it easier to purchase your dream home. The US Department of Veteran Affairs guarantees these loans to most US service members, and they come with an array of great benefits to former military members. 

If qualified, you can buy a home and save money through certain benefits, which are not available with conventional home loans. Here are more benefits of getting a VA loan on your prospective home:

Full financing 

VA loans in Colorado Springs will provide 100 percent financing. You are also allowed to get multiple VA loans simultaneously. Do check the underlying intention for the home to be owner-occupied. When in doubt, check your county’s limit on the maximum VA benefit.

More forgiving

It is easier to qualify for these loans because they are backed by the government. The minimum credit score to get VA loans in Colorado Springs is 620. You do not have to worry about getting mortgage insurance too. You are allowed to use your VA loan more than once. In some cases, you may even have two active loans at once. These loans also do away with prepayment penalties.

Minimal expenses for you 

There will still be closing costs, but they can be included into the loan as the lender credit. This way, you only need to shell out some funding for home inspections and other expenses to improve your new property.

Assistance  

If you are not able to make mortgage payments, Veteran Affairs can negotiate with lenders on your behalf.
 

Quicker closing times  

Reputable mortgage companies can close VA loans in 30 days or less. They even offer a guarantee for it.

To learn more about VA loans in Colorado Springs, get in touch with a reputable mortgage company that has extensive experience in helping veterans get access to these lending products. They can also give you advice and help you determine the most affordable loans for you. Likewise, they can assist you in obtaining multiple VA loans if required. 

About the author

Elevation Mortgage, LLC is a mortgage broker and we serve loans in Colorado. Our focus is VA loan, FHA loans, Conventional loans and Reverse Loans. Our office is located in Colorado Springs, which is where the majority of our business comes from.