Military Relocation
What you need to know about your VA Loan:
What you need to know about your VA Loan:
- Up to 100% Financing
- VA loans are used for a primary residence transaction.
- Minimum credit score as low as 580
- You can use your VA eligibility more than one time. You can even look at purchasing your next home down the line with a VA loan without selling your current home first tied up with a VA loan. You would want to speak to a lender about how much entitlement is remaining and if a down payment is required.
- Many people think that two people purchasing a home together, with a VA loan, have to be married… not true!
- Two people (both with VA eligibility) that are not married (so even two friends) can purchase a home together and that just each use a portion of their VA entitlement
- Even if people want to buy a home together that are not married but only one is a veteran, it is still doable, but down payment is required for the non-veteran. Here is an example… If they buy a $400K house, they would split the responsibility in half, $200K to the veteran, and $200K to a non-veteran. The veteran would NOT need a downpayment for their half as long as they have enough entitlement, the non-veteran side would require a 25% down payment for their half (so 25% of $200K= $50K down payment)
- VA loan allows 4% in concessions PLUS closing costs. Concessions are below (one of those items is “credit balances”….so debt). So you can utilize a very large sum of money in seller paid closing costs on a VA loan. So if you had a $400K purchase you can get $16K (4% in concessions) that you can use to paying off debt, etc. PLUS closing costs on top of that! What is great about this is it can help you in qualifying if your DTI is too high….get concession to help pay off debt to get in qualifying range. Also..paying off the debt can help your monthly cash flow standpoint which can be a huge help in taking on a new mortgage payment.
- There is a VA Funding Fee for active duty military (This funding fee is rolled into the loan amount, you do not have to bring it in cash). However if you are a Veteran and have at least a 10% disability rating you will not have a funding fee.
- NO mortgage insurance, even at no money down.
Advantages of VA Home Loans
- Rates are usually lower than Conventional Loans.
- They allow one of the highest debt to income ratios…again easier to qualify and get through underwriting!
Buyers guide
Are you considering relocating to Colorado Springs? Whether you’re a military family, relocating for a job opportunity, or going through a divorce, I’m here to guide you on the process!
How I can help
I pride myself in easing the transition for those relocating to Colorado Springs, offering personalized assistance every step of the way. From providing comprehensive area insights to assisting with home searches tailored to your preferences and needs, I ensure a smooth relocation process. Whether it’s navigating the local housing market or connecting you with essential resources in the community, count on me to be your dedicated guide in making your move to Colorado Springs as seamless and stress-free as possible.