The VA loan program was created in 1944 as part of the Servicemen’s Readjustment Act which was designed to provide veterans and their surviving spouses with various benefits. The VA loan program allows veterans to receive numerous benefits when purchasing a home such as 100% financing, no private mortgage insurance, and limited closing costs. The Department of Veteran’s Affairs (VA) makes this possible by insuring the home loans made to veterans and military members. e-Finance Mortgage LLC is proud to offer VA loans to the many veterans and active military members located throughout Colorado.

Colorado VA Loan Benefits

  • 100% financing (appraised value cannot exceed sale price)
  • VA funding fees can be financed with the loan (up to 3.3%)
  • No private mortgage insurance (PMI)
  • No pre-payment penalty
  • VA regulation limits closing costs
  • Up to $424,100 loan amount (certain counties may be higher)

Colorado VA loans are available to most veterans, military, and spouses of deceased military members. Veterans are able to apply for a VA loan in Colorado at any time if they have met the minimum active duty service requirements. Active-duty members can apply after they have completed a minimum of 6 months of service. National Guard and reservists will need to wait 6 years before they can apply for a VA loan, however, if they are called to active duty during this time, they can apply after 181 days of service are completed. All applicants must acquire their Certificate of Eligibility (COE) before applying for a VA loan, regardless of service status. If you do not have your COE already, e-Finance Mortgage LLC can assist you with obtaining during the application process.

There is no minimum credit score required to qualify for a Colorado VA loan, although it is common for lenders to require a borrower have a credit score of at least 620. Since the Colorado VA does not require a specific credit score for qualification, we can be flexible with applicants depending on their unique circumstances. You should be prepared to provide W-2 statements, recent paystubs, checking account and savings account information, and other supporting documentation to verify your income and ability to repay the loan being requested.

Refinance programs are available for those with an existing Colorado VA loan. The VA cash-out refinance loan is a valuable option for those who need extra cash for expenses such as home improvements or high-interest debt consolidation. If you want to take advantage of lower market rates to reduce your monthly payment, the Interest Rate Reduction Refinance Loan (IRRRL) is also available. The IRRRL is commonly referred to as the VA’s streamline refinance loan.

At e-Finance Mortgage LLC, our goal is to help the many veterans throughout Colorado with their VA loan needs. For more information or for any questions you may have on Colorado VA loans, contact e-Finance Mortgage LLC today.