Military

Can I Get a VA Loan on a New Home?

Can I Get a VA Loan on a New Home?

You can absolutely get a VA loan on new construction. In Colorado Springs, most builders and developers make it particularly easy for veterans. How do VA loans work? If you are active duty in the U.S. military, a veteran or eligible surviving spouse, you might be eligible for a VA home loan. The Department of Veterans Affairs guarantees up to 25% of a VA loan, allowing servicemen and women to buy new homes with no money down, no mortgage insurance and more favorable loan terms. What do I need for a VA loan? You will need a certificate of eligibility from the military branch you serve or served, and to meet all of the other loan qualifications for income and credit. How is the loan different when you buy a new house? In most cases, when you work with a Colorado Springs home builder in a master-planned community like Cordera, there is no difference between the VA loan you will get for a brand new home and the one you would get for an older home. You probably won’t finalize the loan until your new house is finished and you have completed the final walkthrough, meaning you won’t have to make double payments while your new house is under construction. What is the building process like with a VA loan? Just as if you had any other kind of loan, you will pick the builder, the floor plan and the lot you want. Once you decide on the upgrades you’d like to add and a final sale price, you’ll apply for your VA loan. What are the advantages of...
Home Buying Considerations for Colorado Military Families

Home Buying Considerations for Colorado Military Families

If you’re active-duty, reserve or a veteran in the U.S. military and want to build a new Colorado Springs home, you’ll find you have several home-buying advantages. VA loan You might already know about the VA-guaranteed home loan, and you might even have one already. If so, you know the loan enables you to buy a house with no money down at a low interest rate and to avoid paying mortgage insurance. It’s a pretty amazing loan program that makes home ownership affordable for the men and women who serve our country. VA loans for new construction Typically, it’s not easy to get a VA loan for new-home construction. That’s one reason many Colorado Springs home builders, including those who build in Cordera, do things a bit differently. The builders will finance the construction themselves and sell you a finished house so you can get a normal VA loan. You’ll be able to move into your brand new Colorado Springs home and be the first and only occupant without the hassle of construction loans. Remaining entitlement and restoration If you already own a home with a VA loan and want to build a new Colorado Springs home, you will need to reach out to the local VA office and submit a form 26-1880 in order to be able to access your remaining entitlement or to restore your entitlement after you pay off your current loan. This is something that can usually be accomplished seamlessly, so there’s no gap between selling your current home and moving into the new one. Proximity to bases If you’re thinking about building a new...