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VA Mortgages for Rural Properties in Colorado: What You Need to Know

Purchasing a home in a beautiful rural area of Colorado can be a dream come true for many veterans. However, securing financing as a VA borrower for more remote properties comes with some unique considerations. In this article, we’ll provide an overview of using VA mortgages to buy Colorado rural properties so you can make the most informed decision.


Understanding the Basics of VA Mortgages

First, let’s review the basics of VA loans. Available to qualifying veterans, active duty military, and surviving spouses. VA mortgages offer Colorado homebuyers significant benefits like no down payment, no private mortgage insurance, and competitive interest rates. These loans can only be used to purchase primary residences.


Buying a Rural Property in Colorado

The appeal of Colorado’s wide-open rural spaces is easy to understand. The state offers incredible mountain views, forests, rivers, and nature. Living in a more remote area provides privacy, a lower cost of living, and ample recreation. However, rural properties have unique requirements when it comes to VA loans. 


VA Mortgage Requirements for Rural Properties

The VA has minimum property standards for homes it will finance in rural locations. Factors inspected include access to potable water and waste disposal systems, as well as electricity and phone services. Properties must also be accessible by an all-weather road. The appraisal process for rural homes is more rigorous to ensure the home is a sound investment and not at risk of lower valuation down the road.


The Colorado Real Estate Market

Colorado’s real estate market remains competitive, though slightly less so in more remote counties. The average cost of a home in Colorado in 2023 is about $530,000. Keep in mind that this number will vary depending on the home’s location. Homes in bustling city areas like Denver, Boulder, and Colorado Springs tend to be more expensive than homes in rural areas like Grand Junction and Southern Colorado. That being said, inventory is lower in rural areas. Veterans should be prepared for a quick purchase process on the right property. Working with a knowledgeable lender is key.


Tips for Veterans Buying in Rural Areas

When using a VA loan for a rural property, veterans should conduct thorough research ahead of time. Access to utilities, internet capability, cell phone service, snow removal resources, and emergency services are all important matters to consider when living in a rural area. Consider budgeting for solar panels or satellite internet if needed. 

Also, you may want to hire a home inspector to evaluate the home’s roof, foundation, drainage, and mechanical systems—older homes may require updates. To buy a rural home with a VA mortgage in Colorado, all requirements under the VA’s minimum property standards must be met and the home must be in a safe, sound, and sanitary condition. 


Connect with a VA Mortgage Expert

VA mortgages can be a great option for veterans to purchase rural properties in Colorado if done strategically. Connect with a VA mortgage expert to evaluate your situation and lay the groundwork for success. Our team would love to help you navigate the process and determine your best path forward. Please reach out today to learn more about your options or get started on an application. The door is open to start building your dream life in the Colorado countryside.