The difference between a mortgage lender and a loan officer Many people get confused with…
Colorado Springs has a huge military presence. This presence includes not only current active duty, or in the reserve and guard, but many U. S. military Veterans and retirees that have settled here after they’ve gotten out of the military. A beautiful place to live, with great resources for Veterans at local military bases, it makes sense that many U.S. military Veterans and retirees make their home in Colorado Springs once they separate from the service.
One of the benefits Veterans receive for their service to our country is the VA backed home loan.
This benefit helps Service members, Veterans, and eligible surviving spouses obtain a loan to purchase, build, repair, retain, or adapt a home for personal occupancy.
VA Home Loans are provided by private lenders, such as traditional banks and mortgage companies, just like other home loans. However, the reason why these loans are attractive is because the VA guarantees a portion of the loan, enabling the lender to offer more favorable terms to the Veteran.
VA Home Loan Advantages:
- No down payment (as long as sales price doesn’t exceed appraised value)
- No Private Mortgage Insurance (PMI) requirement
- VA rules limit amount charged for closing costs
- Closing costs may be paid by seller
- No penalty if loan is paid off early
- VA may provide payment assistance in times of difficulty
Other advantages of the VA Home Loan are that the benefits can be reused, it can be assumed by a qualified buyer when you are ready to seel, and is not just for first-time buyers.
Once determined you are eligible for a VA Home Loan, all you need is a Certificate of Eligibility (COE). The COE verifies to the lender you are eligible for a VA-backed loan. Details on VA Home Loan eligibility and getting your COE can be found on the VA’s website.
To learn more about how Integrity Mortgage & Financial Inc. can help with the VA Home Loan process, please contact us by phone or email at (719) 638-0531 or firstname.lastname@example.org.