VA Home Loans

VA Loans Denver

First of all, Silver Leaf Mortgage salutes our veterans and active-duty military. Thank you for your service!

Active military who have been in service for at least six months, veterans, reservists, and National Guard members are eligible for a VA (Veterans Affairs) loan. Spouses of military members who have died while on active duty, or due to service-related disability may also apply. Under certain conditions, an unmarried, widowed spouse ay also qualify for a VA loan, as may a widowed spouse who remarries after age 57. A VA loan may only be used on your primary residence, so second homes or investment properties are not allowed.

Current low interest rates, and VA purchase loans are a winning combination to help you buy a home. VA loans offer great features such as no money down, and credit scores as low as 580. Competitive rates and no mortgage insurance premiums may mean lower monthly payments than conventional loans. Because the VA guarantees, or “stands behind,” a portion of the loan, lenders are able to offer lower rates. There is also no PMI (Private Mortgage Insurance) which keeps your monthly payment lower.

An appraisal will be ordered for the property you wish to purchase with a VA loan. A specially certified VA Appraiser is tasked with the job of not only inspecting your new property and determining the value, but making sure that it is safe, sound and sanitary. The appraisal must be for the amount of the seller’s asking price or higher. If it is lower than the asking price Silver Leaf Mortgage will work with your Realtor to attempt to solve the problem.

With a VA loan you may finance the entire purchase price of your dream home and not have a down payment. You may use your VA home loan benefit more than once as long as your previous VA home loan has been repaid. There are a variety of fixed and adjustable rate loan options available, including a VA Jumbo with loan amounts as high as $1.7 million. The seller or lender may contribute to your closing costs. Our lenders waive their underwriting fee in honor of your service

VA Adjustable rate mortgages (VA ARM) are available to those borrowers with a 640 credit score or above. There are 3/1 and 5/1 VA ARMs and 3/1 and 5/1 Jumbo VA ARMs. That means that the interest rates will remain fixed for three or five years and then adjust annually. There are some situations in which this type of loan would be the very best fit. Call Silver Leaf Mortgage so we can explain your options.

VA Loan Eligibility Requirements

In order to qualify for a VA loan, you must meet the eligibility requirements. If you served during World War II, the Korean War or the Viet Nam War for at least 90 days of active duty with other than a dishonorable discharge, or fewer than 90 days of active service if discharged with a service related disability, you qualify. If you served in the Gulf War for 24 consecutive months on active duty with other than a dishonorable discharge, or at least 90 days under some conditions, or less than 90 days active duty with a service related disability, you qualify. Contact Silver Leaf Mortgage for more detailed information. Those who have served in peace time are also eligible. Please call us for details.

Your up-to-date Certificate of Eligibility (COE) from the military will be required to verify your eligibility. It can be easily obtained on the VA website.
You will also need to provide a copy of your DD214 which is a record of your service and discharge. The minimum credit score for a VA loan is usually 620, but there may be exceptions, so call us for details.

Who do I contact for a VA Loan?

At Silver Leaf Mortgage we are experts in helping folks get VA loans. We will walk you through the process and make sure everything is in order. It is important to work with people who care about you and your family and want to see you achieve your goals. We appreciate your service and want to do our best for you.

What is the VA loan limit in Colorado?

While there is no maximum dollar amount on VA Loans, because they are sold on the secondary market to GNMA (Ginnie Mae) the Ginnie Mae guidelines are followed. The average maximum loan amount is $484,350. Some cities/counties in Colorado have a much higher loan limit. Of course, you may purchase a higher priced home, but you will need to make a down payment on that property if it exceeds the loan limit for the city in which it is located. Contact Silver Leaf Mortgage for information on the specific city in which you would like to live.

What is the VA loan maximum amount?

Aspen, Battlement Mesa, Carbondale, Glenwood Springs, New Castle, Parachute, Rifle, Silt, Snowmass, Snowmass Village, Woody Creek have the highest loan limits in Colorado of $718,750. Most cities have a loan limit of $484,350 and there are some cities that fall between these two amounts. Contact Silver Leaf Mortgage for information on the specific city in which you would like to live.

How do I get a VA appraisal?

The VA appraisal is a part of the standard process of working with your lender. Your team of Denver VA Loan experts at Silver Leaf Mortgage will order the appraisal for you at the proper time in the process. The VA appraiser has 10 business days to complete the appraisal.

How do I get a VA loan certificate of eligibility?

The documents required are based on your type of service. There are several statuses such as active duty, Veteran, current or former activated National Guard or Reserve Member, current member of the National Guard or Reserves that has never been activated, discharged member of the National Guard or Reserves who has never been activated, or if you are a surviving spouse. The Certificate of Eligibility COE) may be applied for online here.
Do not delay this very important step in the process. As soon as you think you might like to buy a home, go ahead and get your COE. It will be needed to get a VA appraisal on the property and you don’t want to slow the process down by having to wait for the COE at that time when you are under contract to buy. 

What are the VA home loan benefits?

The VA provides a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Additional Benefits

  • Your interest rate is typically lower than conventional rates.
  • You probably won’t have to make a down payment, unless you want to.
  • There’s no mortgage insurance requirement.
  • There is no pre-payment penalty.
  • You do not have to be a first-time home buyer.
  • There is a limit set by the VA on the amount of closing costs you pay.
  • You may use your VA benefit multiple times as long as you only have one VA loan at a time.
  • The seller is allowed to pay the closing costs.
  • VA loans are assumable if the person purchasing from you is VA eligible.
  • The VA may be able to help you if you run into trouble making your payments.

Additional Programs

What are the VA loan requirements in 2019?

As with any loan, the applicant for a VA loan must have satisfactory credit and income. You must also move into your new home within 60 days. You or your spouse should remain living in the home for at least one year, and meet certain service requirements. If you will be retiring within 12 months, you may purchase wherever you would like to retire.

  • Certificate of Eligibility
    You must have your COE (Certificate of Eligibility) based on your service record which can be obtained online This is critical. Do not put off obtaining your COE because you will need to provide it or the application pending status to your Loan Officer in order to order the appraisal. Once you have found the home you want to buy, you will not want to be waiting for the COE at that stage of the game.
  • Credit
    The VA does not set minimum requirements for credit scores, but lenders do. Of course, rates are always better for those with higher credit scores, but eligible borrowers can get a VA loan even with lower scores. Reach out to us to help  you find the lender that is best for you. It is possible to qualify even with bruised credit. If you have had a bankruptcy or foreclosure, there is typically a 2 year wait to be eligible.
  • Debt to Income Ratio
    Technically there is no hard-and-fast maximum debt to income (DTI) for a VA loan. It is affected by several factors including in what part of the country you are buying and the number of children you have. We can help you with this calculation. Many lenders impose a maximum DTI often around 41-45%, a few do not. The VA does require there must be a minimum monthly residual income (money left over after all your bills have been paid). Costs that are examined in this calculation may include property taxes, homeowner’s insurance, utilities and maintenance on the home, and childcare.
  • Property
    The home you wish to purchase whether it is a single family residence, condo, townhome, modular home or manufactured home must be safe, livable and in compliance with building codes. A certified VA appraiser will provide an appraisal report within 10 business days of the order. If the property is new construction, the builder must provide certain warranties and protections.
  • Fees
    Conventional loans have mortgage insurance if you are borrowing more than 80% of the purchase price. FHA loans have mortgage insurance no matter what amount you are borrowing. VA loans do not have any mortgage insurance, however you will be charged a funding fee, which goes into a pool of money that helps the VA cover the cost when people default on their loans and suffer a foreclosure.

The funding fee ranges from 1.25% to 3.3% of your loan amount. Factors that affect the amount include how long you served, if you have made a down payment, whether you have used your VA eligibility previously and what branch of the service you were in. The fee can be included in the loan amount so that you do not pay it out-of- pocket upfront. This will increase your monthly payment slightly and will affect the amount of interest you will pay over the life of the loan. If you receive VA disability compensation or are a qualified surviving spouse, you will not have to pay the funding fee. Many lenders will waive the underwriting fee for veterans, as well.

  • Multi-Unit Properties
    If you are buying a multi-unit property such as a duplex, triplex, or quadraplex you must live in one of the units.
  • Renting Your Home
    Once you have lived in your home for around 12 months, you may rent it if you choose. Keep in mind that in order to use your VA eligibility again, you will have to provide proof that your previous home is sold.

What credit score do you need for a VA loan?

The VA does not set a minimum credit score, but lenders do. A credit score of 620 is generally required, but if your score is lower, we have lenders that will accept a lower score. Contact Silver Leaf Mortgage to see how we can help.

Can you get a VA loan with a 500 credit score?

While a 620 score is the norm for a VA loan, there are still opportunities available for those who have lower scores even down to 500. Rather than having no down payment, you may have to put 10% down. Not every lender is willing to do what is called a manual underwrite, but some are. Contact Silver Leaf Mortgage for more information and for alternative loans that may serve you well.

Can you get a VA loan with a credit score of 580?

There are lenders who will consider borrowers with a credit score of 580 for a VA loan. A manual underwrite may be needed. Contact us at Silver Leaf Mortgage so we can help you.

How does a VA home loan work with bad credit?

While a minimum 620 score is the norm for a VA loan, there are still opportunities available for those who have lower scores even down to 500. Rather than having no down payment, you may have to put 10% down. Not every lender is willing to do what is called a manual underwrite, but some are. Contact Silver Leaf Mortgage for more information.

What are the current VA home loan rates?

Rates change daily, so it is best to speak with a Senior Loan Officer at Silver Leaf Mortgage for the best information on rates. Check out our rate calculator here.

Reach Out to Silver Leaf Mortgage Today

It is always a good idea to speak with a Senior Loan Officer at Silver Leaf Mortgage before you go house hunting with your Realtor so that we can provide you with a pre-approval letter. Sellers are far more likely to accept an offer that is backed up with a lender letter indicating that you will be able to get a loan to complete the purchase transaction.

Call Silver Leaf Mortgage today to find out how you can get a great rate, a fast closing with no money down! At Silver Leaf Mortgage, we are a Denver-based mortgage company with over 98 years of combined experience in the mortgage industry. We have helped people all over Colorado, and know how exciting and overwhelming a new home purchase can be. We’re committed to guiding you every step of the way with your purchase or refinance. Our motto is “to love and serve our clients well.” Call or email now (720) 458-4036 or or simply fill out the form below.