Colorado VA Loans

If you are a veteran, active duty service member, or surviving spouse, Colorado Veterans Affairs (VA) home loans are the perfect tool to make your home purchase more affordable. These loans are insured by the U.S. Department of Veterans Affairs, allowing lenders to offer more favorable terms to qualified borrowers. The VA loan program is the solution to navigate the Colorado housing market and buy your dream home.

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Our Colorado VA Loan Options

The VA home loan benefits are incredible. You can buy your house with no down payment, no private mortgage insurance, and highly competitive interest rates to lower your overall cost of homeownership. 

Colorado VA Mortgage Process

With Arnaiz Mortgage, the VA loan process is straightforward. You can get pre-qualified shortly after completing the online application. 

Get a Colorado VA Mortgage Quote Today

A home loan is an ongoing expense that requires some upfront costs, so get a free quote today for your VA home loan to see what you can afford for a Colorado home. 

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Unlock Your Home with Colorado VA Loans

It is essential to understand how VA loans work before applying. Since the VA backs these loans, each approved lender can offer better terms to veterans, active-duty service members, and surviving spouses. VA mortgage programs significantly reduce the cost of buying a home so you can become a homeowner without the typical financial burdens of conventional loan products. 

Colorado VA Loan Requirements

Serving in the armed forces does not automatically qualify you for a VA home loan. Other VA eligibility include a minimum credit score of 620, a certificate of eligibility, a debt-to-income ratio (DTI) of 41% or less, and certain military service requirements. For example, active-duty service members must have served for at least 90 continuous days to be eligible. 

Even if some veterans do not meet the service durations, they could still qualify if they received an honorable discharge or experienced a service-related injury. Your Arnaiz Mortgage loan officer can help determine your eligibility for VA home loans. 

VA Loan Assistance Programs in Colorado

VA loans work well to make homeownership more affordable for veterans, active military, and surviving spouses. Although these loans do not require down payments, putting forth a chunk of cash when you buy the house can benefit your financial future. 

There are several down payment and closing cost assistance programs that can make your home even more affordable. 

  • The Colorado Housing and Finance Authority (CHFA): The CHFA may provide a maximum loan amount of $25,000 or 3% of the purchase price.
  • MetroDPA Down Payment Assistance Program: The MetroDPA program provides an additional loan of up to 6% of the home’s sale price, given your street address is in an approved area. These programs can reduce upfront costs, lowering your total loan amount and monthly payment. 

Why Choose Arnaiz Mortgage for Your Colorado VA Loan Needs?

If you want experts to help you navigate the VA loan homebuying process, then Arnaiz Mortgage is the solution. Our team offers competitive interest rates and a streamlined process for every customer’s needs. 

We have helped many veterans achieve the American Dream while navigating a successful homebuying journey. You can apply for your VA loan online, complete the initial application, and provide the necessary documents. Instead of physical paperwork, you can sign all documents electronically for maximum convenience. 

Whether you want to refinance a current mortgage or buy your first primary residence, our team will help you navigate all VA loan requirements. 

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Frequently asked questions about Colorado VA Loans

  • How can I apply for a VA loan in Colorado?

    To apply for a VA refinance loan or VA mortgage, you can complete the online application with Arnaiz Mortgage. The application is simple, and our team will contact you to discuss the next steps and required loan documentation.

  • What are the benefits of using a VA loan in Colorado?

    There are many benefits to using a VA loan for your home purchase. Lower interest rates will reduce the total cost of your mortgage. Even with no down payment requirement, you won’t ever have to pay for monthly mortgage insurance unless you purchase a home over the Colorado VA loan limits.

  • Are there any VA loan limits in Colorado?

    If you have full entitlement, there is no limit on the house you purchase. If you do not have full entitlement, then you are subject to the Colorado VA loan limits connected to the conventional loans set by Fannie Mae and Freddie Mac. Most counties in Colorado have a VA loan limit of $766,550.

  • What is the VA funding fee for loans in Colorado?

    A funding fee is a mandatory closing cost that helps fund nationwide loan programs. It’s also part of a VA refinance loan. You can pay funding fees either upfront in full or rolled into the loan. Expect to pay between 1.5% and 3% of the cost of your home. The percentage varies depending on the size of your down payment and entitlement level.

  • Can I use a VA loan to buy a second home in Colorado?

    VA mortgages are not eligible for purchasing second homes. If you use this type of mortgage, you must move into the property as your primary residence within 60 days. You cannot buy an investment property or vacation home through the VA mortgage program. There are a few exceptions, such as being actively deployed or an impending retirement.

  • How does the VA appraisal process work in Colorado?

    Every home purchase with a VA loan will undergo an official VA appraisal. This appraisal determines if the home is worth its purchase price. Once you apply for your loan and the seller accepts your offer, a professional will conduct the appraisal before finalizing the transaction. This process prevents lenders from giving away too much money on a bad investment.

  • What is the required credit score for a VA loan in Colorado?

    The credit score requirements will vary from lender to lender, but typically, you need a current credit score of at least 620 or more to qualify for a VA home loan. Arnaiz Mortgage isn’t your typical lender, though. We can help help people with a credit score as low as 500.

  • Can VA loans be used for home construction in Colorado?

    If you want to build a new house, you can use a VA construction loan. This is a short-term loan similar to a traditional VA loan but with different terms and a shorter timeline.

  • What are the closing costs associated with VA loans in Colorado?

    Closing costs for this program are similar to conventional loans. The funding fee adds a few percentage points, but you can also roll it into your loan. In Colorado, expect to pay between 3-5% of the purchase price on closing fees.

  • How do VA loans compare to conventional loans in Colorado?

    VA mortgages are far better financially than conventional mortgages. The lack of down payments, reduced interest rates, and no mortgage insurance makes it much more affordable to buy your home.

  • Are there any property tax exemptions for veterans using VA loans in Colorado?

    If you have served in the armed forces or married someone who did, you could be eligible for a property tax exemption. This exemption would save you thousands of dollars each year. To qualify, you must be a veteran discharged or released under honorable conditions, a veteran with a 50% or more disability rating, or a Gold Star spouse.