Veteran home loans are available to current active duty military personnel.  These VA loans are also available to anyone who has previously served in the military and were discharged meeting the minimum VA loan requirements.  These loans are backed by the Federal Government and offer some of the lowest rates available in Colorado.  Military mortgage rates contribute to some of the largest and most powerful portfolios on Wall Street, and have been utilized as one of the best 100% loan programs currently available in Colorado.

The GI Bill was signed into law by President Franklin D. Roosevelt and provided military soldiers the ability to qualify for a VA home loan with a federal guarantee.  This guarantee gave lending institutions the ability to lend money to more veterans without the fear of default.  Any VA home loan that did go into default was simply covered by the guarantee offered to the bank by the government, pretty much eliminating any losses that may have been felt by the lending institute providing these funds.  Just as fast as it was signed into law, the dream of home ownership became a reality for millions of veterans throughout the United States.  Here in Colorado it is easy to see why VA home loans are so popular.

Here are some key components to the VA home loan.  The best feature for most first time home buyers trying to obtain a VA loan is that there are no down payment requirements. 

Here are a few more points tied to the loan program:

• VA home loan programs are much more flexible when analyzing your credit history for qualification purposes.  These VA loans offer the same interest rate options whether you have great credit or not so great credit.  If you qualify for a VA home loan then the rates tied to that VA loan will be the same, regardless of what credit score was used to qualify you.
   
• There is no monthly mortgage insurance required for Veteran home loans.
  
  
• There are no Prepayment penalties or early payoff fees tied to your VA home loan
  
  
• Veteran home loans offer qualified borrowers loan amounts up to $417,000 with no money down, and apply to each of the armed services.  In some situations a VA home loan can actually go up to 1 million, but down payment requirements would apply.
   
• VA home loans also carry an adjustable rate option which will typically be lower than a fixed rate option, however doing your homework on something like this will be important.  For a free consultation you can contact me directly by visiting me online at www.coloradohomemortgage.org.  

VA home loans also offer you the ability to refinance your loan at anytime so long as there is a benefit to the borrower.  Refinancing requires that you are current in an existing VA home loan, and that you have not had any late payments on your loan.  If you meet these criteria, then you are eligible for a VA home loan refinance known as a VA streamline or an IRRRL. 

Streamline refinancing will not require job verification, income verification, appraisals, or credit score for an approval.  Simply put, if you have been making your mortgage payments on time you will be eligible for a VA streamline refinance.

Most of the information tied to a VA home loan can be retrieved from the VA portal and can be accessed by anyone wishing to get that information first hand simply go to www.homeloans.va.gov

For more information about the Author Daniel Shepard please click on his bio at www.coloradohomemortgageloan.net.