VA Loans

The Veterans Home Loan Process Simplified

Veterans, service members, and spouses may apply for mortgages financed by the Department of Defense.  It is a military benefit.  VA home loans help veterans achieve home ownership and may only finance primary residences.

Lenders at Springs Home Mortgage strive to simplify the loan process for qualified applicants.  VA loans involve two applications.  First, the application for a Certificate of Eligibility (COE), proving military eligibility.  Secondly, financial documentation and income stability.

Certificate of Eligibility or COE

A CEO assures lenders that an applicant is eligible to apply for a Veterans home loan. 

Do you meet any one of the following conditions?  If so, you are eligible to apply for a Veterans home loan.

  • Served 90 consecutive days of active service during wartime
  • Served 180 days of active service during peacetime
  • Served at least 1 year in the National Guard or Reserves
  • Spouse of service member who died in the line of duty or from service-related disability

Requirements vary a bit depending on the above category.  Active-duty service members and those separated from military service are entitled to the VA mortgage benefit unless dishonorably discharged.    

To begin the process of financing a home through a VA mortgage, apply for your Certificate of Eligibility with Springs Home Mortgage. 

VA Loans Colorado Springs

Advantages of a Veterans Home Loan

VA loans provide service members and their families with extra financial aid when they buy primary homes.  Down payments are unnecessary in Colorado.  However, if an applicant chooses to make a 5-10 percent down payment, then loan funding fees will be reduced. 

The new benefit, elimination of loan limits, helps buyers in the Colorado Springs region.  VA loan applicants now have access to Jumbo Loans.

Eligibility Requirements for a VA Loan

After the Certificate of Eligibility, VA loan applicants need to show satisfactory credit, photo ID, pay stubs, W-2 statements, and federal tax returns for the past 2 years.  In addition, any divorce decree or childcare statements about costs must be given. 

If everything is satisfactory, then lenders use the Automated Underwriting System (AUS) program to obtain instant preapproval status. 

Those with a lack of credit history or earlier financial hiccups may not receive AUS approval.  Then the VA lender may intervene by requesting more information and manually calculating alternative options. 

Naturally, applicants need to show sufficient income to cover their debt loads and home expenses.

VA Mortgage Lenders in Colorado

For information about FHA home loans in Colorado, contact Springs Home Mortgage today at (719) 470-0898.

We would be happy to walk you through every step of the process, (719)470-0898

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(719) 470-0898