VA home loans (available to qualified veterans, surviving spouses) in Denver allow you to buy a home without a down payment. You can buy 1-4 unit homes, and approved condos with a VA mortgage. The VA does not impose a maximum loan amount. Meaning lenders can lend above the effective loan limits, but the Veteran may be required to make a down payment. For more information on loans above the effective loan limit, please call to discuss 303.779.0591
A VA loan can be used to buy a home, and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
Benefits of a VA loan include:
In this guide, we’ll answer common questions that veterans have about VA loans.
VA home loans are part of a program administered by the U.S. Department of Veterans Affairs. These loans help active military members, veterans, and surviving spouses to become homeowners with very little (if any) down payment and more affordable interest rates.
An eligible borrower can use a VA loan to finance up to 100% of a home’s value. In addition to buying or building a new home, the borrower can also use a VA loan to make home improvements, such as solar panels, HVAC systems, insulation, weatherstripping, and energy-efficient measures. VA loans can also be utilized to refinance existing mortgages.
VA loans are fully insured by the U.S. government, which also sets all the terms, conditions, and eligibility requirements. However, the funds are distributed by financial institutions in the private sector — including VA mortgage brokers like Mortgage Maestro Group.
To qualify for a VA home loan, a borrower must present a valid Certificate of Eligibility (COE), which they can get if they meet one or more of these requirements:
Once a potential borrower secures their COE, they must fulfill eligibility requirements as set forth by the VA mortgage broker. But in most cases, these added qualifications for VA mortgages are less difficult to meet than the eligibility criteria for conventional mortgages.
Some of the advantages of VA mortgages include:
These factors can make VA loans attractive for homebuyers.
There’s no maximum amount that you can borrow with a VA loan as long as you meet all of the eligibility requirements.
At one point, there was a maximum that an individual could borrow without making a down payment. This figure was known as the VA loan limit.
VA loan limits used to vary by county, usually according to how expensive homes in each county were. However, the Blue Water Act removed loan limits, so these are no longer applicable to eligible VA borrowers.
In most cases, a borrower can only have one active VA mortgage at a time. However, once a VA loan is paid off, a borrower may take out another VA loan (even if they keep the house).
When the borrower sells the house and uses the proceeds to pay back the VA loan, they can take out another.
A qualified borrower can also take out another VA loan if they sell their property to a buyer who is eligible for a VA loan themselves and agrees to assume the existing loan.
In some rare circumstances, it may be possible to get a second VA loan via second-tier entitlement. Talk with a VA mortgage broker at Mortgage Maestro to find out more.
VA loans are surprisingly flexible. Borrowers have many options for purchasing new homes or refinancing mortgages. Some of the most relevant VA loan types include the following.
Purchase MortgageThis is the basic kind of VA loan, in which qualified borrowers can buy a house without a minimum down payment up to the VA loan limit.
Cash-Out RefinanceIn cash-out refinance, a borrower with an existing conventional loan can replace it with a VA loan. This option cashes out existing home equity.
Streamline RefinanceThis option changes the interest rate on an existing VA loan. It may lower the interest required or refinance a VA mortgage from an adjustable rate to a fixed one.
Rehab and Renovation LoanThis type of VA loan finances home improvements and rehabilitation.
Native American Direct LoanFor eligible veterans who are Native American, this loan helps buyers to purchase, build, or renovate homes occupying federal trust land.
The loan application process for VA mortgages is a little simpler than it is for conventional loans — with no down payment, mortgage insurance, or stringent credit requirements, some of the typical legwork for a mortgage doesn’t apply. The basic steps are:
Get a Certificate of EligibilityYou can get a COE from the U.S. Department of Veterans Affairs by contacting them online or by mail. Your lender may also be able to get this certificate for you if they’re approved by the VA.
Find a LenderLook for a qualified VA lender that will work with your credit and the type of VA loan you need. It’s always a good idea to get pre-approved by the mortgage lender you choose.
Find a HouseAfter you put in your offer, the mortgage lender will review your financial status and order an appraisal on the home to make sure it meets VA requirements for safety. After everything is approved, you’ll close on the loan and move in!
Mortgage Maestro Group was founded by a Navy veteran. We know how demanding but rewarding military service can be. We want to express our appreciation for your service by making it easier to buy the Denver home of your dreams.
At Mortgage Maestro Group, we can help you to navigate every step of the VA loan application process.
To find out more about our VA loans and other mortgage services, contact Mortgage Maestro Group online or by phone.
Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.
387 N Corona St #646, Denver, CO 80218.
NMLS Unique Identifier #1838215
Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.
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