Colorado VA Home Loans
The Colorado VA home loan is an excellent loan. Eligible Veterans, active duty members, and often reserve members of the military can get financing with as little as 0% down. We at Colorado Lenders are big fans of the VA home loan and are versed in the process used to obtain the loan.
Another advantage we have out here in Colorado is our local VA office. They are knowledgeable and organized and have proven time and time again to provide us vital information throughout the loan process.
VA home loans also have lower interest rates when compared to conventional financing, making the loan one of the best in the industry. We have helped veterans obtain financing to buy a home or cash-out of their current mortgage allowing for expensive debt to be consolidated into one home loan.
Borrowers have been able to pay down credit cards, car loans, installment loans and other types of loans often resulting in an improved credit score.
The VA loan can also be used more than once at the same time despite what people may think. The trick depends on the remaining “entitlement amount”. If a Veteran has, for example, a 250k loan and has 150k remaining on his entitlement amount and decides to move into a nicer home, he or she can borrower the 150k to purchase the new home and then must bring an additional 25% of the remaining balance to the table.
For example, if the new home costs 300k, you take the 150k off the purchase price and then are responsible for 25% of the remaining 150k or 37.5k. The borrower is required to move into the new home using this method.
Contact Colorado Lenders today to chat about your Colorado VA home loan options.