VA Loans
VA Home Loans in Durango & Southwest Colorado
VA Home Loans for Veterans and Service Members
VA loans are one of the most flexible home loan programs for eligible veterans, service members and surviving spouses. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and lets lenders offer flexible terms to qualified veterans.
Buying in La Plata County? Read my local guide to VA home loans, or learn more about working with a Durango mortgage lender.
What a VA loan offers:
- Flexible down payment options for eligible borrowers
- Competitive rates for eligible veterans and service members
- No prepayment penalties
- Higher allowable debt-to-income ratios than for many other loans
- Streamlined refinancing loans that require no additional underwriting
Benefits of VA Loans
One of the biggest benefits of a VA loan is how little cash it can take to buy a home: VA loans offer down payment flexibility for eligible borrowers. They also come with more flexible underwriting standards and no monthly private mortgage insurance (PMI). If you think you may qualify, give me a call at 970-828-1610 to talk through your options.
VA home loans in Durango and Southwest Colorado
I’m Peter Pritchard, a Durango mortgage originator for 28 years. I help veterans, service members and eligible surviving spouses buy and refinance homes in Durango, Bayfield, Ignacio, Pagosa Springs, Cortez and across the Four Corners.
Who can use a VA loan
- Veterans who meet VA service requirements
- Active-duty service members
- National Guard and Reserve members who meet service requirements
- Some surviving spouses
See if you qualify: take the 30-second VA eligibility check →
You’ll need a Certificate of Eligibility (COE). In most cases I can request it for you online in minutes.
What makes VA loans different
- Down payment flexibility for eligible borrowers with full entitlement, and no VA loan limit with full entitlement
- No monthly mortgage insurance
- VA funding fee: a one-time fee that can usually be financed into the loan. Veterans receiving VA disability compensation are generally exempt.
- Primary residence only: VA loans aren’t for second homes or rentals, but you can buy a 2-4 unit property if you live in one of the units.
- Refinance options: the VA Interest Rate Reduction Refinance Loan (IRRRL, or “streamline”) and VA cash-out refinances
Local things I help you plan for
- VA appraisal standards: VA appraisers check that a home is safe and sound. Rural properties with wells, septic systems or private roads may need extra items, such as a water test or a road maintenance agreement.
- Condos: the condo project generally needs VA approval. I check this before you make an offer.
- Competitive offers: a strong pre-approval and a lender that closes on time help VA offers compete in Durango’s market.
Thank you for your service. Call or text me at 970-828-1610, visit 1099 Main Avenue, Suite 305 in Durango, or send me a message.
Peter Pritchard NMLS #404172 | Animas Mountain Mortgage Inc. NMLS #1742747 | Equal Housing Opportunity. Not affiliated with or endorsed by the U.S. Department of Veterans Affairs or any government agency. All loans subject to credit approval, eligibility and property requirements.
VA Loan Questions Durango Veterans Ask
Can I use my VA loan benefit more than once?
Yes. Your entitlement is generally restored when a VA loan is paid off, such as when you sell the home. In some cases you can have more than one VA loan at the same time using remaining entitlement. Peter can review your Certificate of Eligibility with you.
Is there a VA funding fee?
Most borrowers pay a one-time VA funding fee, which can usually be financed into the loan. Veterans receiving VA disability compensation, and some surviving spouses, are generally exempt.
Can I use a VA loan for a second home or rental?
No. VA loans are for a home you will live in as your primary residence. You can buy a 1-4 unit property with a VA loan if you live in one of the units. For a getaway home, see second home loans.
Can I buy a condo with a VA loan?
Yes, if the condo project is VA-approved. Many projects in Durango are, but some resort and short-term rental buildings are not, so check before you write an offer. See Durango and Purgatory condo loans.
Does a VA appraisal look at the condition of the home?
Yes. VA appraisals check minimum property requirements for safety and soundness, such as the roof, heating, water and access. On rural properties, wells, septic and road access get extra attention.