Homeownership has been a core of the American dream, and the system has invented more than a couple of ways for all people to get a house in their buying power. The Department of Veterans Affairs helps this dream come true for many service members and vets by approving VA loans provided by banks and private lenders. Here is a close look at what you can and cannot do with Colorado VA home loan help, and who can help with a VA loan.
Things you can buy with the VA home loans
- A VA-approved housing like townhomes, condos, and entire complexes
- A multi-unit property as long you live in one of them
- A modular home
- A new construct like building sites, plans, and newly-built homes
- The option to improve the home, such as energy-efficient additions like insulated floors and cooling systems
- A farm with a residence on which you reside
- Vacant land as long as you have immediate plans to build a home
Things you cannot buy with local VA loan assistance
- A commercial construction
- A second home
- Investment housing on which you do not reside
- Shared residence
The bottom line about VA loans is they are supposed to help service members and vets to find a permanent residence, which means you can only use the loan to get a primary home and not surplus investments.
Benefits of getting Colorado home loan programs for veterans
Zero down payment
Most loans require that you leave a percentage as the down payment, but VA loans are different because you get 100% financing.
Zero mortgage premiums
VA loans are also an exception because they do not include insurance, which is another condition that makes them highly affordable for the limited homebuyer.
VA loans have the government’s guarantee, which means the lender will get their monthly repayments when you cannot cover them; hence you will not lose your home as quickly as you would if you defaulted on other kinds of loans.
These loans do not have an early-exit fee or penalty, so you can always get out the deal at any time you want and still be able to sell the property without incurring extra charges. You can also refinance the loan with another VA loan or a non-VA loan at any time and still get better rates and interest if you do your homework.
A variety of VA mortgages
VA loans are not a direct provision of the government or the Veteran’s department, so lenders do not adhere to the same rates and fees. The important thing is that VA loans can be as competitive as any other loans, so feel free to shop around and compare all kinds of offers for one that matches your budget.
These VA home loans also come with adjustable or fixed mortgage rates and can be used to buy property, repair, or enhance the existing mortgage. We guarantee that you know all the specific benefits you can get from the loan and assist with documentation to make the process easy and affordable.
Our Colorado Springs mortgage company has several years of helping members of our forces buy their dream homes and will be happy to provide you with the most transparent loaning process when you contact us for consultation.Colorado VA Home Loan Help