For qualified veterans, the VA home loan program makes buying a house more affordable than most other loan options. However for Native American veterans looking to use VA loans on Federal Trust land, the process is slightly different. Instead of using standard VA loans in Colorado Springs, you’ll want to use the Native American Direct Loan (NADL) program. Here’s what you need to know about this beneficial loan program.
Who Qualifies?
To qualify for the NADL program, you’ll need to be a qualified veteran and member of a Native American tribe or a qualified veteran married to a tribal member. This means you’ll need to have been on active duty for at least 90 days. If you meet these qualification, you’ll need to request a Certificate of Eligibility attesting to the fact that you’re entitled to use a VA loan. You can do this through the eBenefits portal.
Why Use the NADL Program?
When you use VA loans in Colorado Springs to buy property, you’re able to finance the entire purchase price of the home. There’s no need to use a down payment to secure the loan unless you want to. Keep in mind that using a down payment can lower the amount of money you’ll pay each month.
The NADL program also allows you to take advantage of low interest rates for the life of the loan even if your credit isn’t great. The loan is guaranteed by the VA which allows lenders to offer you interest rates normally reserved for borrowers with the highest credit scores. Even better, you’re able to use the loan program again if you sell the property in the future. It’s a lifetime benefit given to qualified Native American veterans that you can use on any primary residence you buy.
How to Get Started
To apply for the NADL program or VA loans in Colorado Springs, you’ll need to look for lenders that have worked with veterans in the past. This ensures that your application gets processed quickly and reduces the risk of lenders getting confused with the nitty-gritty details.
Apply Online Today
At Mortgage Solutions Financial, we want to help all qualified veterans get into the homes of their dreams whether it’s their first home or their third. Fill out an application online or contact our dedicated team to discuss your options today. We’ll make sure you get the best VA loans in Colorado Springs and the surrounding area.
