Buying a Home with a VA Loan in Colorado – is it really the best option?
The state of Colorado in the United States has more than four hundred thirteen thousand veterans of the United States Military Service. Even a large number of veterans come from outside the state with the intention of settling down in this state as the place is well known throughout the United States for its picturesque landscapes and wonderful weather all year round. Now, when it comes to buying a house in Colorado, or anywhere else in America for that matter, most people prefer to take a loan as buying a home can be expensive and it is tough for the average American to take out such an amount of money out of the pocket. Military home-buyers get the benefit of VA Loans where their home loans would be guaranteed by the Department of Veteran Affairs (VA). But is getting a VA Home Loan really the best option? That’s what we are here to find out!
Colorado Home Loan Program
Apart from getting a VA Loan, there are a few other options available to military home-buyers. You must note that these options are available to everybody, not just the military personnel.
Conventional Loans – These loans are offered by private lenders who have their own set of criteria to determine whether an individual is eligible or not. The interest rates are high and you also need to pay for mortgage insurance if you pay a down payment of less than 3%.
FHA Loans – FHA Loans are loans which are guaranteed by the Federal Housing Administration. These types of loans are easy to qualify for and the credit score requirement is also not high. However, you need to pay for mortgage insurance in some cases.
USDA Loans – USDA Loans are available mainly to buy land in the rural areas of Colorado. These loans are also easy to qualify as the credit requirement is low. However, the condition to buy property in the rural areas remains a drawback.
VA Loans – Compared to the three major options, VA Loans is the most suitable for military home buyers as the interests are lower. You also don’t need to pay for any down payments or any private mortgage insurance in most cases.
The VA Loan Program
The Home Loan Guaranty Scheme of the Department of Veteran Affairs guarantees the home loan taken by veterans and active duty member of the United States Military. To qualify, you need to have served for more than 90 days during wartime or for more than 180 days during peacetime. If you are honorably discharged from duty due to some service-linked injury or you are the spouse of a deceased, M.I.A or P.O.W and you have not married, you would be eligible get the loan.
The VA Loans Process
The first step towards getting a VA Home Loan is to get in touch with a VA approved lender in Colorado. They would give you useful advice and their VA Loan specialist will make the process simpler. They would help you get pre-approved as that would tell you the amount of loan you are liable to get. Upon getting the pre-approval letter, you need to enter into contract with a real estate agent to buy a property. After doing that, the VA Loan expert would process the loan and offer you the loan amount.
Isn't that simple? So, what are you waiting for? If you are a veteran of the United States Defense Forces, then make the most of the Colorado VA loans from the experts and buy your dream home in the Centennial state of Colorado.
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