Are you looking for VA Loans in Colorado?
Velocity Lending is your premier broker in Colorado for a VA Loans. We have over 20 years' experience helping borrowers get their dream homes.
A VA loan is a type of government loan, backed by the Department of Veterans Affairs (VA).
What are the benefits of VA Loans?
VA loans are mortgages offered through a U.S. Department of Veterans Affairs program. VA loans are available to active and veteran service personnel and their surviving spouses and are backed by the federal government but issued through private lenders.
The VA offers specific guarantees to private lenders that handle VA loans. Because of these guarantees, lenders will issue loans to Veterans and Service Members with no down payment or less stringent requirements than other loans.
If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates and financing with no mandated cap. Another benefit over traditional mortgages is that there is no PMI (Private Mortgage Insurance, the monthly insurance fee charged to protect the bank until you reach at least 20% equity).
VA Loan Qualifications:
- Completed at least 90 days of active duty service.
- Have at least 6 years of service either in the Reserves or National Guard.
- Served at least 181 days of active service during peacetime.
- Have 90 cumulative days of active service under Title 10 or Title 32. For Title 32 service, at least 30 of those days must have been consecutive.
- You're the spouse of a military service member who either died in the line of duty, or as a result of a service-related disability.
- You’re the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.
- Veterans need to submit DD Form 214.
- Active-Duty Service Members
- You’ll need a statement of service signed by your personnel officer, or an adjunct or unit commander if you’re an active-duty service member. The statement of service must include your full legal name, Social Security number and birthdate.
- It must document the date you entered the service, information on any breaks or discharges you took from service and the name of the commander providing the information.
Apply for a VA Loan with a VA Qualified Lender.