In Colorado, home buyers explore all options for financing a new home, and they must choose a mortgage loan program based on their preferences. Select programs can allow them to qualify with a lower credit score and give them access to a larger loan value if they served in the armed forces. A local VA Lender Colorado Springs CO provides answers to frequently asked questions.
What are the Requirements for the Property?
Any property for which an applicant wants to secure a VA loan must meet specific criteria to gain approval. According to the guidelines, the property cannot have any structural issues or defects, and it must pass a rigorous inspection. Any flaws that are found could disqualify the property and cause the prospective buyer to restart their search for a home.
Is the Closing for the Property Different?
No, the buyer will attend the same type of closing as any other home buyer, and they will provide access to the funds for the seller during the closing. The buyer must also provide a copy of their homeowner’s insurance policy as well as flood insurance if the property is within a designated flood zone.
How Does the Program Eliminate a Down Payment?
A majority of buyers who seek VA loans are members of the armed forces, and the down payment is eliminated to assist them in purchasing a home. However, they must provide proof of income that determines their ability to afford the property. They must also qualify for the loan based on their service record.
Can a Service Member Buy a New Construction?
Yes, the service member can acquire a new construction and choose their preferred builder to construct the property. However, they must acquire a loan for a private construction until the project is completed and then refinance using a VA mortgage.
In Colorado, home buyers review possible options for buying a home based on entitlements offered through the military. The service member must acquire a certificate of eligibility as well as their DD-214 if they were discharged. Service members who need a mortgage through VA Lender Colorado Springs CO can visit website right now. You can also connect them on Facebook.