Mountain Shadows FHA & VA Loans

Mountain Shadows is a community within in Colorado Springs and is a fine place to live. At Mountain Shadows Mortgage we specialize in financing homes in this great community. One of our specialties is our knowledge in working with government loans, more specifically the FHA and VA loan programs. Both programs were created by the government to make owning a home easier for more Americans. If you’ve had trouble qualifying for a conventional loan, then these loan programs might be a good alternative to help you own a home.
First the FHA loan is program that anyone can qualify for because the financial requirements tend to be looser and the down payments are much lower then conventional loans. If high down payments and difficult financial requirements have stopped you before, then you need to take a look at an FHA Loan. Generating a good amount of money for a down payment can be difficult, and when a typical conventional loan requires 20% that can be a lot of money. With an FHA loan you only need 3.5% down, which of course is a lot less money that you would need to generate. Then the financial requirements are also looser then what you’d find with conventional loans, you still need decent credit, however you don’t need to worry about having perfect credit. The only limitation is that the FHA loan limit $325,000 for homes within Mountain Shadows, which is less then most homes in this community, however there are still many homes within the area that are under that limit. We also suggest this loan to 1st time home buyers.
Then there is the VA loan, which was designed for all active duty and veterans in the military. With Mountain Shadows being within Colorado Springs, which is home to many military bases like Peterson Air Force Base, Fort Carson, Schriever Air Force Base, NORAD and Cheyenne Mountain Air Station, there are many people who qualify for this great loan program. By far the biggest advantage of a VA loan is that there is no down payment. There aren’t many loans where you can purchase a home without paying a down payment. Also the financial requirement are also one of the easiest to qualify for, many people who qualify for VA loans wouldn’t qualify for conventional loans. The only limitation is that the loan limit for a VA loan is $417,000 with Mountain Shadows which is more then the median home price. You can learn more about the qualification requirements on the VA Loan Requirements Page. If you are serving, or have served, and are looking to purchase a home then you need to look in a VA loan.
To see if you qualify for either the FHA or VA loan to purchase a home then please use our Purchase Assistant to tell us a little about yourselves and then from there we can start seeing how much you’d qualify for. We look forward to working with you and making your Mountain Shadows home ownership dreams come true with either a VA or FHA loan.

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