FAQs About VA Home Loan In Colorado Springs, CO

by | Nov 2, 2017 | Loans & Finance

In Colorado, home buyers can acquire the financing they need to purchase a home through a variety of mortgage programs. These programs can make it more affordable for buyers to purchase the property of their choice without limitations. A local lender provides answers to frequently asked questions about a VA Home Loan Colorado Springs CO.

Why Should Borrowers Choose VA Loans?

The VA home loans provide immeasurable benefits for borrowers, and the benefits start with no down payments. The borrower can also avoid the need for mortgage insurance costs, and they can receive a one-year warranty for a new construction. This program could also help the borrower gain access to a new construction whereas other programs may not.

How Often can Service Members Use Their Entitlement?

According to the stipulations related to using an entitlement to a VA loan, the service members can reuse the entitlement as many times as they prefer. However, they cannot pay off an existing mortgage on a previous loan, continue to own this property, and seek a new VA loan. The guidelines for the loans prevent the service members from owning more than one property and continue to use their entitlement.

Who isn’t Entitled to a VA Loan?

Service members who are/were in the national guard or reserves that were not active-duty cannot acquire a VA loan. The service member must provide records of their service, and their record must present the total number of years in which the individual was in the military and the full duration in which they were active-duty.

Can a Service Member Acquire a VA Loan After a Discharge?

The service member is entitled to a VA loan based on their service record, and if they didn’t use their entitlement, they can use it to purchase a home. However, their discharge must be honorable.

In Colorado, home buyers can acquire a government VA loan based on their eligibility. The buyer must present their information to the lender including all documentation for their service record. Applicants who want to review a VA Home Loan Colorado Springs CO can visit website for more information now. You can also connect them on Facebook.

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