VA Loan

Mortgage Lending for Military Service Members

5280Lend.com works with clients on VA Home Loans. Our expert team understands the process and requirements for helping veterans and active-duty military members finance their home.

As Colorado mortgage loan experts, we’ll thoroughly analyze your situation to determine if a VA loan is the best fit for you. We offer personalized services for homebuyers in Colorado and the Denver Metro area.

What Is A VA Home Loan?

The Department of Veterans Affairs offers VA mortgages to qualifying veterans, service members, and surviving spouses. Private lenders provide government-backed mortgages with many benefits for veterans.

The VA offers programs that help veterans buy homes, refinance existing mortgages, pay down debt, and more. Our team specializes in mortgages and can help determine whether a VA offers the best solutions for your financial needs.

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How VA Mortgages Work

To qualify for a VA loan, you must be a veteran or active-duty military member. You can apply for a VA loan at any time during your lifetime. The VA guarantees up to 100% financing for eligible borrowers.

You may use a VA loan to purchase a new home, refinance a home you already have, or to consolidate other debts into one monthly payment. If you have multiple credit cards, student loans, car payments, and other bills, it’s often easier to combine them into one monthly payment.

A VA loan allows you to take advantage of lower interest rates and lower down payment requirements than most other loan types.

Advantages of VA Loans

Benefits to retired and active-duty service members.

VA loans empower qualifying applicants to own a home. Also, the VA loan requires that the property be the borrower’s primary residence. This loan program offers many loan benefits to retired and active-duty service members.

Option for zero down payment.
Does not require Private Mortgage Insurance (PMI) for down payments under 20%.
Competitive interest rates and favorable terms.
The loan can work for a single-family home or multi-family properties.
Easier to qualify for a mortgage than with many other loan programs.

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What Are the Requirements for A VA Loan?

The VA mortgage program includes military service requirements. To qualify, the borrower must provide a Certificate of Eligibility (COE) to verify they meet the minimum service requirements.

Typical requirements that may qualify a homebuyer for a VA loan include the following:

The borrower served 90 consecutive days of active service during wartime.
The borrower served 181 days of active service during peacetime.

The borrower had six years of service in the National Guard or Reserves or served 90 days, with at least 30 of them consecutively, under Title 32 orders.
The borrower is the spouse of a service member who died while serving or due to a service-related disability.

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Why Work with a Mortgage Bank for A VA Loan?

The Department of Veterans Affairs does not provide VA loans directly to consumers. Instead, private lenders offer VA loans backed by the government. As such, homebuyers must locate and qualify for a VA loan with a mortgage bank or lender in their area.

A mortgage bank helps clients understand the loan eligibility requirements and documentation needed. At 5280Lend.com, we work with clients to determine if they qualify for a VA loan.

We will evaluate your financial situation and homebuying goals. Then, we’ll connect you to the best mortgage solution to meet your needs.

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VA Loan FAQs

Do VA Loans Work for First-Time Homebuyers?

Yes! VA loans are one of the best first-time buyer options available and allow buyers to purchase their dream homes without any down payment.

If you are a first-time homebuyer who qualifies for a VA loan, we can help you navigate the lending process.

How Many Times Can I Use A VA Loan?

There are no limits for how many times a qualifying applicant can use a VA loan to purchase a home. This option works well for service members who may move multiple times throughout their lives. The only restriction is that the property must be your primary residence.

The benefits of a VA loan can support you throughout your lifetime of homeownership.

Can I Refinance My VA Loan After Closing?

Yes, you can refinance your VA loan after closing on your home. Often, interest rate fluctuations will provide homeowners with the opportunity to reduce their mortgage rate. VA calls these VA Interest Rate Reduction Loans (IRRLs). They are a very easy, limited-qualification way for you to reduce your interest rate and monthly payment. We work with clients to refinance mortgages, including VA loans.

Do Spouses of Veterans Qualify for VA Loans?

Yes. Surviving spouses may use VA loans to purchase real estate when the borrower and property meet the loan requirements.