VA Loan

In 1944, Congress passed the Servicemen’s Readjustment Act which provided a number of benefits to veterans or their surviving spouses. Among those benefits was the VA Loan program which was created to help American veterans with home loans where private financing may not be available. A VA Loan is a mortgage loan that is partially guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee allows Veterans to receive more favorable loan terms and conditions than other loan programs such as 100% financing with no down payment. Colorado is home to over 400,000 veterans and The Pine Creek Financial Group is dedicated to serving our veterans throughout the Colorado Springs, Fountain, Denver, and Greeley areas.

The Department of Veterans Affairs has guaranteed over 20 million loans since the establishment of the VA loan over 70 years ago. The majority of veterans, military, and spouses of deceased military members are eligible to apply for a VA loan. Borrowers will need to meet certain credit and income requirements in order to qualify for the program. They will also need to acquire a Certificate of Eligibility (COE) before applying for a VA Loan. Veterans will find there are a number of advantages that the VA loan program offers.

Benefits of a VA loan:
  • No down payment if the appraised value is not greater than the sale price
  • No private mortgage insurance (PMI) premium
  • No pre-payment penalty
  • Closing costs are limited by VA regulation
  • VA funding fees (up to 3.3%) can be financed with the loan
  • The VA Loan is an assumable loan which means a buyer can take over, or “assume” a seller’s existing loan.
  • Up to $417,000 loan amount with no down payment. This can be higher in certain counties.
VA Loan limits by county:
County Single-Family Duplex Triplex Fourplex
Denver $424,350 $543,250 $656,650 $816,050
El Paso $417,000 $533,850 $645,300 $801,950
Weld $417,000 $533,850 $645,300 $801,950

VA loans are available for a variety of circumstances and individual borrower needs. The most common types of VA loans are:
  • Purchase Loans - These types of loans allow veterans to purchase a primary residence at a competitive interest rate. 
  • Cash Out Refinance Loans - This alternative loan is available for other needs such as home improvements, schooling, or managing certain debts. 
  • Interest Rate Reduction Refinance Loan (IRRRL) - Existing VA loans can be refinanced at a lower rate through this program. This is also referred to as a Streamline Refinance Loan.
There are a number of other options and resources available to American veterans. The Pine Creek Financial Group can assist potential borrowers with the many different programs that are available. Whether you are looking to finance your first home, or are looking to refinance an existing VA loan for a more favorable rate, our team of experts can help you. For more information on VA loans and to see how we can help you, contact us today!

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