Here Are the Different Types of VA Loans
VA loans offer a range of benefits when it comes to purchasing or refinancing your home. There are different types of VA loans, Colorado Springs. They include VA purchase loans, VA refinances loans, and VA streamline refinance loans. A reputable mortgage lender like Front Range Mortgage will take you through the different types and help you choose one that will suit your needs. Visit this link for more information.
VA Purchase Loans
VA purchase loans are offered to Veterans that qualify with a unique credit score and financial history. They’re an incredible alternative to conventional loans. To qualify for these loans, you must:
- Be a veteran
- Have a qualifying VA income
- Have a qualifying DTI (debt to income ratio)
- Meet all the financial requirements
VA Refinance Loans
These are loans given to homeowners to enable them to improve their homes. They’re a great option because one can refinance their overall home value without paying for home loan insurance. To qualify, you should be a veteran with an existing loan and qualifying payment history on the existing loan. Read about Benefits of VA Home Loans, Colorado Springs, CO here.
View Mortgage Broker Colorado Springs in a full screen map
VA Streamline Refinance Loans
These loans are designed for Veterans who already have an existing VA loan. They’re geared for existing VA loans Colorado Springs holders as a way of streamlining the process.