VA Home Loans in Denver Colorado
VA Home Loans remain one of the only 100% financing options available in the marketplace today. Colorado is home to many veterans and active military, so this is a great program to take advantage of.
Rates for VA Home Loans are competitive with any other program, and the great thing about VA Home Loans is that they do not include monthly mortgage insurance, so payments are very good for this type of financing. However, VA does back their mortgages with a pool of money that is funded by a VA Funding Fee that is collected on every refinance or home purchase. The exception is if you are a disabled veteran- you are exempt from the funding fee.
To find out if you are eligible for VA Home Loans, you will need a copy of your DD214 honorable discharge paperwork or if you are active military, a letter from your commanding officer stating that you are in good standing. You can then obtain a certificate of eligibility (COE) that will say if you are eligible and for how much. You can order your COE directly through VA or we can help you obtain the COE instantly.
Typically, if you do not have a VA Home Loan currently, you should have full eligibility to borrow up to $417,000. It is possible to borrow more than $417,000 in certain high-cost areas. Denver VA Home Loans, however, are capped at $417,000 but some surrounding counties will go higher.
The next step after checking your eligibility is to get pre-approved for the financing. Lenders typically require a minimum 620 credit score to qualify, and you must not have any deliquent Federal debt such as student loans. If you have had a VA Home Loan foreclose in the past, you are likely not going to be eligilible for another, even if your COE states that you have eligibility. Also, bankruptcies must be discharged for 2 years and you must have re-established your credit with no derogatory items since the bankruptcy.
From there, connecting with a top Realtor is key to your success in finding the right home. We have an excellent network of some of the best in the field in Denver, so can help with recommendations. There are bargains to be found in Denver right now, and a VA Home Loan is a great option for you to take advantage of the current market.
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RJ Baxter First Mortgage Corp
Branch Manager
303-670-0137 (direct)
27902 Meadow Drive, Suite 120
Evergreen, Colorado 80439
