VA Loans Colorado

Denver Colorado Mortgage is a qualified lender for VA Loans in Colorado.

Colorado VA Loans are a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The Colorado VA Loan can be issued by lenders that are qualified.

VA Loans in Colorado offer long-term home purchase financing for eligible American veterans or their surviving spouses (provided they do not remarry). The purpose of the VA direct home loan program is to provide home loan financing to eligible veterans in areas where private financing may not be available to veterans, and to help veterans purchase properties with no down payment.

The VA loan allows veterans 103.15 percent financing without private mortgage insurance or a 20 per cent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.15% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 90% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.

Colorado VA Loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae or conforming loans. The VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

The maximum VA Loan guarantee varies by county. As of 1 January 2011, the maximum VA loan amount with no down payment is usually $417,000, although this amount may rise to as much as $1,094,625 in certain specified “high-cost counties”. The VA also allows the seller to pay all of the veteran’s closing costs as long as the costs do not exceed 6% of the sales price of the home.

Apply for your Denver Colorado Mortgage and get pre-approved.

Vince, the “Colorado Mortgage Guy,” is the mortgage broker to go to in the initial phase of the refinancing. He has been doing mortgages in Colorado since 1991. Vince specializes in conducting the refinance process in a manner that certainly meets and exceeds the client’s expectations. Vince is very proud that most of his Colorado Mortgage business is derived from past client referrals. Vince understands that each and every Colorado Home Loan transaction is someone’s future.

Vince Reece
Senior Loan Officer
Plum Creek Funding, Inc.
303-818-0699 (Cell)
303-840-0966 (Office)
877-840-0965 (Fax)
Email
19519 E. Parker Square Dr. Parker, CO 80134