VA home loans require no money down! Call (303) 222-0027 or e-mail email@example.com, and we’ll send you a free list that compares VA loans to other loan options for first time home buyers.
VA loans, which are backed by the Veterans Affairs, are an excellent option for first time home buyers in Denver, because they require a 0% down payment.
Compare that to the 3.5% down payment required on FHA loans, or the 5%-20% down payment required on conventional loans, and it’s no wonder that most first time home buyers who are eligible for VA loans use them!
If you’re an active member of the military (for at least 90 days), a veteran, a reservist, a member of the National Guard, or an eligible surviving spouse, you may be able to get a VA loan.
VA Loans Are Provided By Private Mortgage Companies And Lenders
VA loans offered by local mortgage companies and lenders, and because the VA is guaranteeing a portion of the loan, lenders are able to provide you with more favorable terms – including no down payment and limits on your closing costs.
Often, the credit requirements, including minimum FICO credit scores and debt-to-income ratios, are more lenient with VA loans. You can also pre-pay VA loans (if you want to sell or refinance before the end of your 30-year loan) without a penalty.
VA Loans For Single-Family Houses And Duplexes
To be eligible for a VA loan, single-family houses need to be in good shape, without any structural problems. The same requirements apply to duplexes, triplexes, and four-plexes.
VA Loans For Condos, Lofts, and Townhomes
To be eligible for a VA loan, the condo, loft, or townhome complex must be approved by the VA. In our experience as real estate agents who cover the entire Denver metro area, only about 10% of multi-family complexes in Denver and the suburbs are on the VA approved condos list.
At a minimum, 50% of the units in the condo, loft, or townhome complex need to be owner-occupied, not rented out.
Also, no more than 15% of the homeowners can be behind on their homeowners association dues (HOA fees).
And if the condos, lofts, or townhomes are brand new or converted from apartments, at least 75% of the units have to have already been sold, or you can’t use VA financing.
If you plan to use a VA loan, let us know, and we can show you properties that are on the approved VA list. We can also put you in touch with several mortgage companies and lenders in Denver that offer VA loans for first time home buyers.
For additional information on VA loans or to start looking for your first home, please call (303) 222-0027, or e-mail firstname.lastname@example.org.
Please note: Explore your loan options when considering buying your first home, contact us for your free consultation. We love working with first time home buyers and will help you find homes in all price ranges throughout Denver.