Understanding VA Loans

A VA loan is a specialized mortgage program supported by the federal government and created specifically for eligible veterans, active-duty military members, reservists, National Guard personnel, and qualifying surviving spouses. It’s designed to make homeownership more accessible for those who have served our country. Unlike conventional loans, VA loans are uniquely structured to make homeownership more accessible through flexible credit requirements, no required down payment, and competitive interest rates.

VA loans can be used for:

• Purchasing a home to use as your primary residence
• Refinancing an existing mortgage
• Buying a single-family home, condo, or approved townhome
• Building a home or funding some renovations

In a competitive market like Colorado Springs, VA loans give eligible buyers a significant advantage by reducing upfront costs and easing qualification requirements.

Why VA Loans Are Especially Valuable in Colorado Springs

With a strong military presence and a steady flow of incoming and outgoing service members, Colorado Springs is one of the largest VA loan markets in the U.S. The city continues to grow due to its strong job market, outdoor lifestyle, and highly rated neighborhoods, which makes VA financing even more important for maintaining affordable homeownership opportunities for military families.

Home prices in the region have risen steadily, especially in areas like Briargate, Northgate, Old Colorado City, Powers Corridor, and Fountain. Because of this, the zero down payment requirement and no mortgage insurance make VA loans an excellent solution for buyers who want to secure a home without overwhelming upfront costs.

Military families also benefit from:

• Proximity to multiple bases
• Strong rental potential for future PCS moves
• Competitive funding fees
• A stable and resilient housing market
• Communities built around military support

With VA loan benefits and local market conditions aligned, many Colorado Springs homeowners secure long-term financial stability through this program.

Who Qualifies for a VA Loan in Colorado Springs?

Eligibility is determined by your military service record, current duty status, or qualifying status as a surviving spouse. While specifics vary, most active-duty and veteran borrowers qualify if they meet general service requirements. Applicants must also plan to occupy the home as their primary residence and submit a valid Certificate of Eligibility (COE) to confirm their VA loan benefits.

Income, credit, and property guidelines also apply, but VA loans are widely considered one of the most flexible mortgage programs available—even for first-time buyers or those recovering from past credit challenges.

Types of VA Loan Programs Offered Through 719 Lending – Patty Galceran

At 719 Lending, we help borrowers explore several VA loan options available throughout Colorado Springs. Each program supports different financial goals and homeownership needs.

VA Purchase Loan

This is the most popular VA loan option, allowing qualified buyers to purchase a home with no down payment, no mortgage insurance, and access to highly competitive interest rates. It’s ideal for buyers in Colorado Springs who want to maximize affordability while securing strong long-term financing.

VA IRRRL (Interest Rate Reduction Refinance Loan)

Commonly referred to as the VA Streamline Refinance, this option allows current VA homeowners to secure a lower interest rate or reduce their monthly payments with limited paperwork and simplified requirements. It’s a fast and efficient option for borrowers who already have a VA loan.

VA Cash-Out Refinance

For homeowners wanting to access equity for home improvements, debt consolidation, or other financial goals, a VA cash-out refinance allows eligible borrowers to tap into their home’s equity while securing favorable terms.

VA Jumbo Loans

Colorado Springs has areas with higher-priced properties, and VA loans now allow borrowers to purchase above standard limits without a down payment—depending on entitlement. This option is ideal for military families shopping in Colorado Springs’ higher-value neighborhoods.

How VA Loans Work: Step-by-Step

The VA loan process is built to be clear, efficient, and supportive, making it easier for borrowers to move through each step with confidence. At 719 Lending – Patty Galceran, we make each step clear and stress-free.

Pre-Approval and Qualification
We start by evaluating your credit, income, and military eligibility to establish the loan amount you’re qualified to receive. This strengthens your offer when shopping for homes in Colorado Springs.

Obtaining the Certificate of Eligibility (COE)
We help you secure your COE directly through the VA system, ensuring your military service is verified quickly.

Shopping for a Home
Once pre-approved, you can shop for homes across Colorado Springs—including areas near bases, top-rated school districts, or neighborhoods with strong resale value.

Underwriting and Appraisal
After finding a home, VA-approved appraisers ensure the property meets VA standards. Underwriting reviews income, credit, and property details.

Closing and Move-In
Because VA loans require no down payment and no mortgage insurance, your overall closing costs stay significantly lower. After signing final documents, you’re free to move into your new home.

Benefits of Getting a VA Loan Through 719 Lending – Patty Galceran

Partnering with a lender who specializes in VA loans makes a meaningful difference—especially in a competitive market like Colorado Springs.

✔ Local Colorado Springs Military Market Knowledge
We recognize the unique circumstances military families face—from PCS moves and the need to live near base to planning for transitions and long-term stability.

✔ Flexible Loan Options for All Military Borrowers
From VA purchase loans to IRRRL refinances, we match each borrower with the best program for their situation.

✔ Competitive Rates and Zero Down Payment
VA loan rates are among the lowest available, and borrowers can purchase without saving for a large down payment.

✔ Personalized Support From Start to Finish
We guide buyers through COE requirements, appraisals, underwriting, and closing while keeping communication clear and consistent.

✔ Fast & Efficient Pre-Approvals
Military timelines can be tight—our fast pre-approvals help buyers secure a home quickly and confidently.

Common Requirements for VA Loans in Colorado Springs

While VA loans are more flexible than other loan types, borrowers should be prepared to meet a few basic requirements:

• Acceptable credit history
• Stable income and employment
• Sufficient residual income (VA’s affordability standard)
• A property that will serve as your primary residence
• A current Certificate of Eligibility (COE)

Because guidelines are designed with service members in mind, VA loans tend to be more forgiving than conventional loans, especially for first-time buyers.

Typical Costs When Using a VA Loan

VA loans eliminate the need for private mortgage insurance (PMI) and generally allow buyers to purchase with no down payment, helping keep upfront costs low and affordable. Some borrowers may pay a VA funding fee, though exemptions exist for qualifying disabled veterans. Other costs may include standard closing fees, which can often be reduced or covered through lender credits or seller concessions.

719 Lending helps buyers compare options so they can understand exactly what to expect at closing.

Tips for a Smooth VA Loan Experience

1. Get Pre-Approved Early
   This gives you a clear picture of your buying power and makes your offer more competitive in the fast-moving Colorado Springs housing market.
2. Prepare Military Documentation
   Having service records and your COE ready speeds up the approval process.
3. Avoid New Debt Before Closing
   Large purchases or new credit accounts can impact qualification.