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VA Loans in Grand Junction

VA loans are one of the most powerful home financing options available—created to make homeownership more accessible for those who have served our country.

Whether you’re active-duty, a veteran, or an eligible spouse, this program is designed to remove many of the common barriers to buying or refinancing a home.

Thank you for your service.

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Why VA Loans Stand Out

A VA mortgage loan is different from other loans in several ways:

1. Guarantee: VA loans are backed by the U.S. Department of Veterans Affairs, providing a guarantee to the lender which allows for more favorable terms for the borrower.

2. No Down Payment: VA loans often do not require a down payment, unlike conventional loans which typically require a down payment of 3-20%.

3. No Private Mortgage Insurance: VA loans do not require private mortgage insurance (PMI), which is usually required for conventional loans with a down payment of less than 20%.

4. Interest Rates: VA loans may offer lower interest rates compared to conventional loans.

5. Eligibility: VA loans are available to active-duty service members, veterans, and eligible surviving spouses, while other types of loans may have different eligibility criteria.

6. Funding Fee: VA loans may require a funding fee, which is a one-time fee paid at closing, but this fee can be rolled into the loan amount.

7. Credit Requirements: VA loans may have more flexible credit requirements compared to conventional loans.

Overall, VA loans are designed to provide benefits and support to veterans and active-duty service members when it comes to home financing.

What is the VA Funding Fee?

The VA mortgage funding fee is a one-time fee that is typically required for most borrowers who take out a VA home loan. This fee helps offset the cost to taxpayers of the VA home loan program. The amount of the funding fee can vary based on factors such as the type of service (regular military, Reserves/National Guard), down payment amount, and whether it’s the first time or subsequent use of the VA loan benefit.

For regular military personnel, the funding fee ranges from 1.4% to 3.6% of the loan amount, depending on the down payment percentage. For Reserves and National Guard members, the funding fee ranges from 1.65% to 3.3% of the loan amount.

It’s important to note that disabled veterans may be exempt from paying the funding fee. Additionally, surviving spouses of veterans who died in service or as a result of a service-connected disability may also be exempt from the funding fee.

The funding fee can typically be paid upfront or rolled into the loan amount. It’s advisable to consult with a VA-approved lender for specific details and to determine your eligibility and the exact amount of the funding fee for your VA mortgage loan.

Which properties are eligible for a VA mortgage loan?

Properties eligible for a VA loan include:

  1. Single-family homes

  2. Condominiums (must be VA-approved)

  3. Multi-unit properties up to 4 units (as long as the borrower occupies one of the units as a primary residence)

  4. New construction homes

  5. Manufactured homes (must meet VA requirements)

  6. Modular homes

It’s important to note that the property must meet the VA’s Minimum Property Requirements (MPRs) to ensure it is safe, structurally sound, and sanitary for the borrower. Additionally, VA loans are intended for primary residences, so vacation homes or investment properties are generally not eligible for VA financing.

How can I apply for a VA mortgage loan?

To apply for a VA mortgage loan, you can follow these general steps:

  1. Obtain a Certificate of Eligibility (COE): You can apply for a COE through the VA, your lender, or online through the VA’s eBenefits portal.

  2. Find a VA-approved lender: Look for lenders who are approved by the VA to offer VA loans. They will guide you through the application process and help determine your eligibility. First Choice Financial is a VA approved lender.

  3. Gather necessary documents: Prepare documents such as proof of income, employment history, credit history, and bank statements to provide to the lender.

  4. Complete the loan application: Fill out the loan application provided by the lender. They will review your financial information and determine if you qualify for a VA loan.

  5. Wait for loan approval: The lender will underwrite your application and verify your eligibility for the VA loan. Once approved, they will issue a loan commitment.

  6. Close on the loan: Sign the necessary paperwork to finalize the loan agreement. You may need to pay closing costs and the funding fee at this stage.

  7. Move into your new home: After closing, you can move into your new home and begin making mortgage payments.

It’s important to note that the specific application process may vary slightly depending on the lender and individual circumstances. It’s recommended to work closely with a VA-approved lender to guide you through the application process and ensure a smooth transaction.

Who Is Eligible?

VA loans are available to a wide range of service members and their families, including:

  • Active-duty service members
  • Veterans who meet service requirements
  • Eligible surviving spouses
  • National Guard and Reserve members with qualifying service

If you’re unsure about your eligibility, we can help you review your status and next steps.

What VA Loans Don’t Cover

VA loans are designed for primary homeownership, so they generally don’t apply to:

  • Investment properties
  • Vacation or second homes
  • Commercial properties
  • Co-ops or certain non-traditional housing types

Built-In Support for Borrowers

One of the most overlooked benefits of VA loans is the support available if you ever run into financial difficulty.

  • Assistance programs are available for struggling borrowers
  • Lenders and the VA often work together to help avoid foreclosure
  • Flexible refinance options can help reduce payments over time

Other low-downpayment, government backed loans that we can help you secure a home with:
FHA Home Loans

Get in Touch

First Choice Financial

Grand Junction, CO

(970) 683-1910