VA Home Loans in Durango and La Plata County: A Local Guide for Veterans

If you served, a VA home loan is one of the best benefits you have earned. Yet I regularly meet veterans here in the Four Corners who either do not know they qualify or think the benefit is more limited than it is. Here is a plain-English guide.

Why veterans choose VA loans

• No monthly mortgage insurance
• Flexible down payment options
• The seller can pay some of your closing costs
• Credit and debt guidelines that are often more flexible than conventional loans
• No prepayment penalty
• The benefit can be used more than once

Most VA loans include a one-time funding fee. Veterans who receive VA disability compensation are generally exempt, and I can check that for you.

Who qualifies

More people than you might think, including veterans who meet the service requirements, active-duty service members, many National Guard and Reserve members, and some surviving spouses. If you have used your benefit before, you may still have entitlement available, or it may be restored after you sell.

Three myths that cost veterans money

• “I can only use it once.” Your VA benefit can be used again, and in some cases you can even have two VA loans at the same time.
• “My credit has to be perfect.” VA guidelines are often more flexible than people expect. Let a lender look before you rule yourself out.
• “Sellers do not like VA offers.” A well-prepared VA offer competes just fine. A full pre-approval and good communication with the listing agent make a big difference.

Getting started

It helps to have your DD-214 (or a statement of service if you are active duty), recent pay stubs, W-2s and bank statements. I can pull your Certificate of Eligibility for you, so you do not have to track it down.

Whether you are buying in Durango, Bayfield, Cortez or Pagosa Springs, I would be honored to help. Thank you for your service.

Still comparing mortgage lenders in Durango? See how working with one local lender lets you compare multiple lenders for your situation.

VA loans on Durango-area properties

Every VA loan gets a VA appraisal, and the appraiser checks the home against the VA’s minimum property requirements: safe and sanitary, structurally sound, with reliable heat, water and access. Most homes pass without trouble. A few local situations need extra attention:

• Wells and septic. Rural homes in La Plata County usually need a water test and sometimes a septic inspection. My rural mountain home guide explains what to order and when.
• Private and seasonal roads. The home needs year-round legal access. A road maintenance agreement helps.
• Condos. The condo project must be on the VA’s approved list, or be approved before closing. See my condo loan guide.
• Older homes and cabins. Peeling paint, missing handrails or an old roof can show up as repair requirements. We plan for those early so they do not delay closing.

Benefits worth asking about

• Funding fee exemption. Veterans who receive VA compensation for a service-connected disability are generally exempt from the VA funding fee.
• Colorado property tax exemption. Colorado offers a partial property tax exemption for qualifying veterans with a 100% permanent and total service-connected disability. Applications go through the Colorado Division of Veterans Affairs.

If you are a veteran or active-duty service member looking at homes in Durango, Bayfield, Ignacio or anywhere in Southwest Colorado, start with the VA loan page or compare me with other mortgage lenders in Durango CO.

Have questions about your own situation? Call me at 970-828-1610 or book a time to talk. There is never any cost or obligation.

Peter Pritchard, NMLS #404172 | Animas Mountain Mortgage Inc., NMLS #1742747 | 1099 Main Ave, Ste 305, Durango, CO 81301 | Equal Housing Opportunity. This article is general information, not a commitment to lend. Loan approval depends on credit, income, property and program guidelines.