Good question! Short answer: Yes!

Longer answer: yes, with a couple of caveats. VA loans are a fantastic entitlement for service members (I am one, too, and used my loan!). They allow a military member, active, retired or former, to purchase a home for no money down. The minimum credit score for these loans is typically 620. However, don’t let that hamper you if you’re close to that score but not quite there. You may be surprised to learn that paying off a debt could raise your score enough to qualify.

All that said, there are two up front costs on a VA loan you should be aware of. First, earnest money. This is money the seller requires you to put up at the time of the contract (or within the contract period, as negotiated). I’ve had good success in Colorado Springs with getting $500 earnest money allowed for military buyers. Here’s the awesome thing about earnest money: you get it back at closing!

The other up front cost is the home inspection. These run around $250-280. Here’s a cool thing about using me as your agent – I have a military buyer credit that can be used to pay for this inspection at closing!

In short, the total upfront cost can REALLY be as low as $780 to own a home on a VA loan.

Looking to buy or sell a home in Colorado Springs? I’d be honored to earn your business and be your advocate. Call Rob at 719-440-6626!