Colorado Springs VA Loans

Arnaiz Mortgage helps Colorado Springs veterans achieve homeownership with competitive loans through the Department of Veterans Affairs (VA).

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Our Colorado Springs VA Loan Options

Our team connects local veterans to the best VA home loans based on their unique buying needs.

Colorado Springs VA Mortgage Process

The Arnaiz Mortgage team takes pride in its ability to simplify the VA mortgage process, providing a reassuring experience for veterans looking to become homeowners in Colorado Springs.

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Apply for your customized VA home loan quote today through Arnaiz Mortgage.

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Colorado Springs VA Loans: The Key to Your New Home

A VA home loan may be the key to your new Colorado Springs, CO, home. Whether you dream of a condo overlooking the mountains or a single-family home where you can create memories, a VA home loan is the first step toward realizing your dreams. If you have military experience, a VA loan can qualify you for a great low rate today.

Colorado Springs VA Loan Requirements

Qualifying for a VA home loan in Colorado requires one of the following:

  • At least 90 continuous days of active-duty service during wartime.
  • At least 181 days of active service during peacetime.
  • At least six years of service in the National Guard or Reserves (or 90 days under Title 32 orders).
  • The surviving spouse of a service member who died during active-duty service or from a service-related disability.

These requirements apply to the United States government’s Navy, Air Force, Coast Guard, or other armed forces.

Interested VA buyers can apply for a Certificate of Eligibility, which shows they meet one of these requirements. Flexible financing options may be available to some veterans who don’t meet these requirements.

Other VA eligibility requirements may include a credit score of at least 620 and a minimum income which shows a financial capability to make the monthly payments. Although the VA program doesn’t have set credit score requirements, most VA lenders require at least a 620.

The Veterans Affairs (VA) home loan program is designed for certain property types, including single-family, condos, manufactured homes, and modular homes. Multi-family homes may be available as long as the veteran plans to live in one of the units. VA loans are designed for veterans to purchase a primary residence.

The VA is an Equal Housing Lender, meaning you should qualify for a loan if you meet the listed requirements.

VA Loan Assistance Programs in Colorado Springs

VA loan assistance programs may be available to some Colorado buyers to help with closing costs. The Colorado Housing Finance Authority (CHFA) assists military families who haven’t owned within the last three years. Through CHFA, the CHFA FirstStep and FirstStep Plus programs offer financial assistance that makes buying a home easier.

Why Choose Arnaiz Mortgage for Your Colorado Springs VA Loan Needs?

Arnaiz Mortgage, with its deep understanding of the local market, is the ideal choice for veterans in Colorado Springs. Our team is dedicated to providing personalized customer service and competitive interest rates, ensuring veterans feel supported in their homebuying journey.

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Mortgage Insurance: Types, Costs, and When It’s Required

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Comparing FHA and Conventional Loans: What’s Best for You?

Learn the difference between FHA and conventional loans, including how each loan type may affect your monthly payment.

VA Loan Eligibility Criteria: A Comprehensive Overview

Learn everything you need to know about the Veterans Affairs federal government home loan program and how it helps military members and their families become homeowners.

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VA Loan Eligibility Criteria: A Comprehensive Overview

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Frequently asked questions about Colorado Springs VA Loans

  • How do I apply for a VA loan in Colorado Springs?

    The first step in applying for VA home loans is to contact a lender familiar with the local market, such as Arnaiz Mortgage. They will guide you through the process and help you obtain your Certificate of Eligibility (COE), which shows you meet the VA’s service requirements. Once you have your COE, you can complete the loan application, and the Arnaiz Mortgage team will assist you every step of the way.

  • What are the benefits of using a VA loan to buy a home in Colorado Springs?

    Financing your new Colorado home with a Veterans Affairs loan offers many benefits. These include no down payment, less stringent requirements, and fast approval. Additionally, a fixed-rate makes VA home loans affordable, and the VA also offers assistance if you run into financial difficulties, making it a secure and flexible option for homeownership.

  • Can I use a VA loan to refinance my home in Colorado Springs?

    Traditional and cash-out refinance loans are available within the VA loan program.

  • Are there any specific home requirements for VA loans in Colorado Springs?

    The Veterans Affairs program requires sufficient space, easy access, and liveable conditions. The primary home’s value must also match the loan amount.

  • What is the maximum loan amount for a VA loan in Colorado Springs?

    The standard VA loan limit in El Paso County is $766,550. Buyers who qualify for a VA home loan in Colorado with full VA loan entitlement aren’t limited to the VA loan limits.

  • How does the VA loan funding fee work in Colorado Springs?

    VA loans in Colorado work by requiring service members to pay a one-time fee, known as the VA loan funding fee, to cover additional VA benefits for other military service members. The cost of this fee may be based on the down payment, usually between 1.25% and 3.3%. However, some veterans, such as those with service-related disabilities, may be exempt from this fee.

  • Can I use a VA loan to purchase a second home or investment property in Colorado Springs?

    No, Veterans United Home Loans are designed for purchasing a primary home, meaning they can’t typically be used to buy a second or investment home.

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

    VA loans work similarly to other loan types in that the borrower is expected to pay any fees associated with closing the loan. Typical closing costs for a VA loan include loan origination fees, recording fees, title insurance, and credit report costs.

  • How long does closing on a VA loan in Colorado Springs take?

    Closing a VA loan in Colorado takes between 30 days on average. However, the time it takes to close the loan varies depending on the lender, the housing market, and whether or not you’re pre-approved. Arnaiz Mortgage helps veterans speed up the VA loan process by guiding them through each step.

  • Are there any local VA loan specialists in Colorado Springs?

    Yes, Arnaiz Mortgage specializes in helping veterans with the home-buying process. We help those with a military service history obtain financing with a competitive interest rate.

  • What are the current VA loan interest rates in Colorado Springs?

    The interest rate you lock in will depend on many factors, including your credit score, loan amount, and purchase price. For example, borrowers with perfect credit scores typically qualify for a lower interest rate than borrowers with less-than-perfect credit.