Veterans Affairs

The Colorado VA Home Loan Experts

Use your Veterans Affairs benefits to purchase or refinance your home! As a military personnel member or qualifying Veteran, you can pre-qualify for a Colorado VA Home Loan today. With a VA Home Loan, you can refinance your existing home or buy a new home. You will also enjoy the following benefits with an Colorado VA Home Loan:

  • No down payment required anywhere in Colorado
  • No mortgage insurance required
  • Easier qualification standards for VA loans
  • Less strict credit and income standards
  • No prepayment penalties

Our experienced specialists can answer any questions you have regarding a VA Home Loan. You can call a Colorado VA Home Loan Specialist at 303-800-4595 or you can pre-qualify by filling out our short online form. You can also check out the exact amount you may qualify for under the Illinois VA Loan Limits.

Do You Qualify for a VA Loan?

Almost every Veteran or active Military personnel qualifies for some type of benefits, including a VA Home Loan. The following are the general eligibility requirements for a VA Home Loan:

  • You have had 90 days or more of active duty service during wartime
  • You have had 181 days or more of active duty service during peacetime
  • You were discharged for circumstances that were not dishonorable
  • You are currently active duty personnel, and you meet the above service requirements
  • You are the surviving spouse of a veteran who died during service or because of service-related injuries and you have not remarried.

Get Started:

We work with many people moving to a new state due to their Military service. Whether you are moving to Colorado for the first time or relocating within the state, we can make your transition easier. Our intimate knowledge and years of experience with VA Loans ensures that your home financing will be secured quickly and efficiently, leaving you more time to focus on your move. Denver, Colorado Springs, and many cities in Colorado all have strong Military populations- not to mention the countless installments across the state. Let us help you finance your Colorado home!

The VA loan is one of the greatest benefits of the military service for eligible veterans, service members, and surviving spouses. You can qualify for a low-price mortgage if your interested in a purchase or refinance even if your credit is sub-par.

If you’re in the military or are a veteran, under certain conditions you’re eligible for this loan.

 What is a VA Loan?

The VA loan is a government loan that is backed by the Department of veterans Affairs (VA).

The VA offers certain types of guarantees to private lenders that handle VA loans. Lenders will issues these loans to candidates with no down payments or less prerequisite compared to other loans.

What is a Certificate of Eligibility (COE)?

This is an issued document that shows your mortgage lender that you have the eligibility for the VA home loan. To get a COE, you need to display proof of service. This will vary based on whether you’re active duty military, a veteran, a surviving spouse and so on.

If you’re eligible, Sierra Pacific Mortgage can help close with your COE

More VA Loan Eligibility Requirements

After the verification process showing that you meet the requirements you will then need to prove your income, assets and credit to check out. Included should be the property that you’re buying as well.

The VA loan occupancy requirements require you to be in compliance, the property you’re buying must be the primary residence in a 60 day period of the purchase. The VA loan cannot be used for investment properties or vacation homes. You can however use it to buy a in-to-four family home as long as you’re the eligible member and it’s your primary residence.

Property Type

VA loans have multi purpose uses and can be used on other types of properties other than just regular homes. You can use them for Condos, Manufactured homes and other types of properties. Make sure than your lender will finance for the property type that you desire. Not all lenders will finance for every property type. Call Sierra pacific Mortgage today to see what types of financing you can get with your VA loan. Our team will be happy to guide you in the right direction.

Credit Score

There is no specific minimum in order to qualify for the VA loan, the minimum requirement may vary based on the lender. The median minimum credit score for the VA loan is around 580.


When considering you as a potential client, your lender will evaluate your DTI or debt-to-income ratio. This is considered as your ability to pay back the loan. This metric represents how much of your monthly income goes toward paying back debt. Some lenders may have a set limit on your DTI but generally the VA will not.

VA Loan Limit

The VA is generous with the amount of money that you can borrow. With that being said, there is a cap on how much you can borrow. The VA’s guarantee is the amount of money they’ll cover if you default on the loan. The loan limit for a no-down payment VA loan is $548,250 in most places in the country.

As mentioned in previous areas of the site, depending on where you live may dictate whether your loan limit is higher or lower. If you require a loan limit than is higher than the default amount, you may be eligible for a VA jumbo loan. The VA jumbo loan doesn’t require a down payment and may offer a lower rate than a normal jumbo loan.

Down Payment And Assets

What makes this loan so great? They don’t require a down payment. Check to make sure your lender doesn’t have a type of specific requirement for a no-down-payment VA loan.

You may be required to have a higher credit score if you put down less than 10%.

Its important to remember that “no down payment” doesn’t mean “zero cost.” In considering the VA loan closing costs, there are some other charges to be aware of. You should still be aware of these even if your putting 0% down.

Funding Fee

Most individuals who acquire a VA loan are required to pay a funding fee, which covers the cost to the taxpayers. This fee can range from 2.3 – 3.6% of your loan amount.

The amount or sum total of the fee is determined by the size of your down payment, the type of service and whether or not its your first time receiving a VA loan. If your refinancing the property or buying the property can also dictate the final funding fee number. There are some situations where you may be exempted from a funding fee. Some of these include: if you are a surviving spouse, a veteran that received the purple heart or are serving in active-duty capacity are exempted from funding fees.

If you’re worried you might not be able to pay the funding fee up front, don’t worry. Many times the funding fee can be rolled into the mortgage.

Reserve Funds

A lot of times loans will require you to have additional money in the bank that you’re not using for upfront costs. The reasoning for this is to make certain that you can make payments once the loan closes. The leftover funds you’ll need is set by the cost of your mortgage payment. This includes, principle interest, taxes and insurance, interest. A good rule of thumb is to show reserves that equal up to 2 months worth of mortgage payments.



Have more questions?
Contact us and we’re happy to answer them! Call us at: 303-800-4595!


Start the application process today!





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