Veteran’s Administration or VA loans offer military veterans advantages in the mortgage process.
The first opportunity is that the VA allows a cash-out refinance, meaning they can pull up to 100% of the home’s value. The veteran can use the cash for whatever purpose they choose, whether it’s to combine a 1st and 2nd mortgage, make home improvements, pay off high interest credit cards, or other needs.
Not all lenders will go to 100% cash-out, so if a veteran’s lender says they limit the cash-out to 90%, call Indigo Mortgage Colorado as we have the 100% cash out available.
The VA also allows for zero down on a home purchase or in other words 100% financing, up to $453,150 currently. There is the VA Jumbo available for those loan amounts over $453,150. A veteran can also split their entitlement and have 2 loans at the same time if the combined total does not go over $453,150.
At Indigo Mortgage Colorado, we’ve seen this split entitlement many times in the last couple years, and can help veterans with the process. And finally a veteran can use their VA eligibility subsequent times as long as the previous loans are paid in full.
To learn more about VA loans, contact a local mortgage lender who processes a lot of VA loans. We advise to never engage any of the VA lenders that send mailings or emails, as the fine print often makes these very expensive mortgages. Vets should always ask what the origination and discounts point charges are for any rate.
And as always, shop your mortgage around a bit to see who has the lowest rate and the best terms for your home loan, and be certain to include a local mortgage company like Indigo Mortgage Colorado for VA lending.
Indigo Mortgage is a long standing mortgage company, serving home buyers in Colorado and New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage Colorado in Colorado Springs at 719-836-9500. Indigo Mortgage Colorado offers mortgages including Residential and VA Loans. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in Colorado and New Mexico.