With VA loans, Veterans, service members, and eligible surviving spouses in Delta are provided an excellent homeownership opportunity. Eligible individuals can obtain a home loan at a lower interest rate and don’t even have to make a down payment!
However, despite their benefits, VA loans are surprisingly underutilized. Currently, less than 12% of the Veterans in our country are utilizing VA home loans.
Why could that be? Some Veterans and service members don’t realize they’re eligible. Others don’t understand how the process works.
Below, we’ve discussed some of the benefits of buying a home with a VA loan in Delta, Colorado.
Reasons to Buy Home in Delta, Colorado with a VA Loan
Many Veterans and service members in Delta, Colorado have been overlooking a great opportunity. VA loans offer Veterans and military members an easy and financially feasible way to pursue their dreams of homeownership.
Here are some of the advantages of buying a home with a VA loan in Delta.
Lower Interest Rates
The biggest advantage of VA loans is that lenders can offer lower interest rates than traditional loans. A lower interest rate can make your monthly payments more affordable.
Low Minimum Credit Score Requirements
VA loans have relaxed requirements when it comes to credit scores. VA loans even allow you to apply just two years after going through bankruptcy or a foreclosure. However, in this case, you may be required to provide a detailed explanation of your situation.
No Down Payment
Conventional loans typically require a larger down payment. This amount ranges from 3-5% [of the loan amount / purchase?]. If you put down less than 20% you have to pay for private mortgage insurance (PMI). But if you’re eligible for a VA loan, you don’t need to put any money down or pay PMI. This can save you a lot of money.
Find Out if You’re Eligible
There are many other benefits to getting a VA loan in addition to the ones mentioned above. If you are an active service member or Veteran living in Delta, a VA loan may be your ticket to buying the home of your dreams. However, first you will have to prove your eligibility. To do this, you will need to obtain a Certificate of Eligibility (COE) from the VA.
If you’re not sure how to go about this process, we will be happy to help you. Mortgage Solutions Financial has helped countless Veterans achieve their dream of homeownership. We are always happy to provide our expert advice and assistance to Veterans and will be glad to answer any questions you may have.
Learn More About VA Loans Available in Delta, Colorado
Are you a Veteran or service member who’s interested in learning more about VA loans in Colorado? If so, we can help! Contact us today to get more information!