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Understanding VA Mortgage Loans

Understanding VA Mortgage Loans in Colorado Springs, Colorado and Colorado

If you are a veteran looking to buy a home in Colorado Springs, Colorado or the State of Colorado you may want to learn more about VA mortgage loans. These loans are an excellent option for veterans and active-duty military members who desire to purchase homes. However, before you rush to apply for a VA mortgage loan, it would help to understand this home financing option. Read on to learn more about VA mortgage loans in Colorado Springs, Colorado, including eligibility requirements, the application process, and benefits.

Eligibility Requirements for VA Mortgage Loans in Colorado Springs, Colorado

To qualify for a VA mortgage loan in Colorado Springs, you must meet the service, credit, and property requirements. The service requirements state that you must have served on active duty for at least 90 days consecutively during wartime or in peacetime, 181 days. National Guard and Reserves members may also be eligible for VA mortgage loans after six years of service.

Others who may qualify include surviving spouses of military members who passed on in the line of duty or due to a service-connected disability. Credit requirements for VA mortgage loans are flexible, but you can boost your chances of quick approval if you have a credit score of 620. However, your loan application could be negatively affected if you have had a history of foreclosure or bankruptcy in the past two years.

Finally, the property requirements for a VA mortgage loan application state that the house you intend to buy has to be your very own primary residence and meet minimum property standards set by the Department of Veterans Affairs. A VA-approved appraiser must appraise that property.

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