Your VA Loan

Handled Right!

by a fellow Vet.

Meet Vic Malone!

THINKING ABOUT BUYING A HOME?

If you're a veteran, active-duty service member, or qualifying spouse in Colorado, a VA loan offers one of the most affordable paths to homeownership—with no down payment and no private mortgage insurance required.

Colorado VA LOAN

VA loans are the most powerful mortgage benefit available to active-duty service members, veterans, and eligible surviving spouses — and in Colorado Springs, they're used at nearly double the national average for good reason.

Zero down payment, zero PMI. Unlike conventional or FHA loans, VA loans require no down payment and no private mortgage insurance — ever. In a Colorado Springs market where the average home runs $400,000+, that's potentially $20k-$80k you keep in your pocket.

No loan limits for full-entitlement buyers. If you have full VA entitlement, there is no maximum loan amount. You can purchase above conforming loan limits without needing a separate high balance loan — a major advantage in our rising market.

BAH counts as qualifying income. Active-duty borrowers at Fort Carson, Peterson SFB, and Schriever SFB can use their Basic Allowance for Housing as qualifying income. Because BAH is tax-free, I can gross it up by 25%! — meaningfully increasing your buying power.

Competitive rates with protected closing costs. VA loans consistently come in below conventional rates, and Sellers can contribute up to 4% in concessions above closing costs for debt payment,, and of course disabled veterans/Purple Heart recipients are completely exempt from the VA funding fee.

Flexible credit and income guidelines. VA underwriting is built for military financial profiles — non-traditional income, deployment gaps, and less-than-perfect credit are handled differently than conventional programs. There is NO FICO SCORE/Credit minimum mandated by the VA, nor is there a debt to income (DTI) limit.

Reusable for every PCS. Your VA benefit doesn't expire. Sell your home, pay off the loan, restore your entitlement, and use it again at your next duty station. You can have multiple VA loans simultaneously, although you may incur down payment requirements on subsequent uses. Call me at 719-304-4900 with your details.

My Relentless Commitment Is To Provide You With

The Best Possible Services

VA Loans

and How They Work

VA loans are government-backed mortgages available to eligible veterans, active-duty military members, and certain surviving spouses. These loans are guaranteed by the U.S. Department of Veterans Affairs and designed to make homeownership more accessible and affordable for those who’ve served.
One of the biggest advantages of a VA loan is that it requires no down payment —allowing qualified buyers to purchase a home with little to no upfront cash. Additionally, VA loans do not require private mortgage insurance (PMI), which can save borrowers hundreds of dollars each month.
In Colorado Springs, where military families and veterans make up a significant part of the community, VA loans provide a reliable, cost-effective way to buy, build, or refinance a home.
VA loans are available for single-family homes, townhomes, and certain condos that meet VA guidelines. They can also be used for refinancing through the VA’s Interest Rate Reduction Refinance Loan (IRRRL) or cash-out refinance programs.

How to Qualify for a

VA Mortgage Loan

To qualify for a VA loan, you must meet military service requirements. This typically includes:
- 90 days of active-duty service during wartime,
- 181 days of service during peacetime,
- or 6 years of service in the National Guard or Reserves.
Certain surviving spouses of deceased veterans may also be eligible.
You’ll need to obtain a Certificate of Eligibility (COE)
from the VA, but I can pull it in about 5 minutes.
Many VA lenders require a minimum credit score of at least 620, but not at Peak Seven Mortgage. I broker to lenders who do not have a minimum requirement.

VA loans do not require a down payment, though you may still need to cover some closing costs unless they are negotiated into the purchase with sellers concessions.

VA loans are different from

other mortgages

VA loans come with a long list of benefits that make them one of the most affordable mortgage options available.

There’s no down payment required , and you’ll never have to pay private mortgage insurance (PMI), even if you finance 100% of the home’s value.

Interest rates on VA loans are often lower than those on conventional loans, helping you save money over the life of the loan.

There are also limits on what you can be charged for closing costs , and sellers are allowed to pay a portion of your closing costs as part of the negotiation.

Whether you’re buying your first home or refinancing your current one, VA loans offer unmatched flexibility, low cost, and long-term savings—exclusively for those who’ve served.

APPLY NOW and GET PRE-APPROVED

VA Loan FAQs

Can I use my BAH to qualify for the mortgage?

Absolutely. For active-duty service members at Fort Carson, Peterson SFB, or Schriever SFB, or any other base, your Basic Allowance for Housing is stable, reliable income. Because BAH is tax-free, I can "gross it up" by 25% in your application, which significantly increases your debt-to-income (DTI) ratio and your overall buying power.

Do I really need a 620 credit score for a VA Loan?

No. While many big-box banks and "retail" lenders impose their own "overlays" (extra rules) requiring a 620 or 640 score, the VA itself does not mandate a minimum credit score. At Peak Seven Mortgage, I work with specialized wholesale lenders who allow for much lower scores and even "no-score" profiles. If you’ve served, I believe you’ve earned the right to use your benefit!

Is the VA Appraisal as difficult as people say?

There is a lot of misinformation here. A VA appraisal is simply designed to ensure the home is "Safe, Sound, and Sanitary" for a veteran. In a competitive market like Colorado Springs, I help you navigate the process. Plus, if an appraisal looks like it will come in in low, the VA has a unique "Tidewater" process that allows us to provide additional data to the appraiser—a protection no other loan types has..

Can I have more than one VA loan at the same time?

Yes. This is a common misconception. If you have "remaining entitlement" (which I can check for you in about 5 minutes), you can absolutely own two, or more, homes with VA loans simultaneously. This is a great way for military families to start building a real estate portfolio as they PCS from station to station.

Can a seller really pay all of my closing costs in 2026?

It's possible, but it requires a "Two-Bucket" strategy. Under the VA 4% Rule, a seller can pay all of your standard closing costs (Title, Appraisal, Recording etc, up to 2 points) and still contribute up to 4% of the home's value toward "concessions" like paying off your credit card debt or your VA Funding Fee. In a competitive market like Colorado Springs, I can help your agent structure the offer so you walk away with zero out-of-pocket.

Is there a VA Loan limit in El Paso County for 2026?

For Veterans with full entitlement, there is no longer a VA loan limit—you can borrow as much as you qualify for with $0 down. If you have partial entitlement (meaning you already have one VA loan active or encumbered entitlement), the 2026 conforming loan limit for most of the U.S. has increased to $832,750. I can run the "Tier 2 Entitlement" math for you in minutes to see your exact zero-down threshold.

Should I choose a VA Loan or a Conventional Loan?

If you have 20% to put down, a Conventional loan will save you the Funding Fee. BUT! you really need to compare a conventional loan with 1.25% discount points against a VA loan, since the VA loan offers a lower interest rates (typically 0.5% lower than Conventional)
And of course, if you are exempt from the funding fee, the VA loan is a no-brainer.
Since I’m a broker, I’ll run a side-by-side comparison for your specific file so you can see the lifetime savings.

What happens if a VA appraisal is expected to come in low? (Tidewater)

If the appraiser finds they can't find the value supporting the contract amount, they will issue a TIDEWATER declaration to me. I will then contact your agents, both the listing and buyer's agent, and tell them we have a Tidewater. I'll request they provide documentation supporting the contract value, usually comparable sales data from recently closed transactions. We have 48 hours to get that back to the appraiser.

This is a unique feature of the VA loan, not found anywhere else that is one more thing that protects veterans in their home purchase!

What is a Reconsideration of Value (ROV), and how is that different than tide water?

A Tidewater declaration is made before the appraisal is turned in. If, despite the Tidewater actions, the appraisal comes in low, there is one more recourse, the Reconsideration of Value (ROV). While this needs to originate with you, the veteran, I will help you draft a reconsideration that may take other things into consideration, such as location, unique features, or local influences.

The ROV is a formal letter to the VA, that bypasses the original appraiser, to review the appraisal for specific errors or to consider additional market data that was missed. Most retail lenders won't take the time to file an ROV, but at Peak Seven Mortgage, I have done many of these and will take the lead on this to protect your interest and your dream home. As a retired Navy vet myself, I take this VERY seriously!

Can I have a family member, such as a parent, co-sign my VA loan?

While you can have a parent or other person co-sign a VA loan for you, there is a unique feature of the VA loan that they have to put down 12.5% of the purchase amount and qualify for their portion on their own. This is because the VA will only guarantee a part of the loan.
Income and assets are not blended together like in a conventional loan, so the vet has to qualify for their portion, and the non-vet has to qualify for theirs. This is called a joint loan, and requires prior approval from the VA.