PCSing to Colorado Springs and wondering if a VA loan is your best path to a home? You are not alone. With multiple bases across El Paso County, many service members and veterans choose VA financing to stretch their budget and reduce upfront costs. In this guide, you will learn how VA loans work here, what to watch for with appraisals and condos, and how to navigate local timelines with confidence. Let’s dive in.
Why VA loans fit Colorado Springs
The VA Home Loan helps eligible veterans, active-duty personnel, Guard and Reserve members, and some surviving spouses buy a primary residence. Buyers often choose VA because it typically requires no down payment when full entitlement applies, has no PMI, and offers competitive rates. You can also finance the VA funding fee into the loan amount in most cases.
In El Paso County, the VA option fits the market well. The area includes Fort Carson, the United States Air Force Academy, Peterson Space Force Base, and Schriever Space Force Base, so relocation and PCS timelines are common. VA-savvy lenders and agents are used to helping buyers align commute needs, school preferences, and quick move-in dates.
Eligibility, entitlement, and costs
You confirm eligibility by obtaining a Certificate of Eligibility. Your lender can often pull your COE electronically. Entitlement is the VA’s guarantee amount; how it applies to loan size and down payment depends on your situation, including prior VA use. Ask your lender how your entitlement affects your approval and whether any down payment is needed.
Most VA loans include a one-time funding fee unless you qualify for an exemption. The fee varies by service category, down payment, and whether it is your first use or subsequent use. You can usually finance it into the loan. Remember, VA loans are for primary residences, not investment properties or most vacation homes.
Property types that qualify
VA loans can finance many home types that fit everyday needs:
- Single-family homes and townhomes
- Condos within VA-approved projects
- Certain manufactured homes with required documentation
- New construction with proper builder and lender processes
If you are looking at a condo, verify that the project is VA-approved before touring. If a building is not on the VA list, your options may include seeking project approval, considering different financing, or choosing another property.
Local factors to check
Commute to base
Your daily drive matters. Prioritize commute times to your assigned base at peak hours. Fort Carson, the Academy, Peterson, and Schriever sit across the region, so the right neighborhood can reduce stress and transportation costs.
Schools and amenities
If schools factor into your decision, compare districts, enrollment policies, and commute patterns. Consider access to parks, shopping, healthcare, and outdoor recreation. Keep resale appeal in mind since military moves often come on short timelines.
Weather and environment
El Paso County sees freeze and thaw cycles, high-altitude conditions, and seasonal wildfire risk in surrounding areas. These can show up in appraisals or inspections. Look for signs of water management, roof condition, and defensible space where relevant.
HOAs and monthly fees
Many newer communities and attached homes have HOAs. Lenders review HOA fees and financials as part of underwriting. Ask early about dues, special assessments, and community rules so you understand the full monthly obligation.
Taxes and insurance
Property taxes, homeowners insurance, and any special district assessments affect your total payment and debt-to-income. Check current estimates with the El Paso County Assessor and local insurers for an accurate budget.
Step-by-step for El Paso County buyers
- Confirm eligibility and COE
- Ask your lender to retrieve your COE or request it yourself.
- If you have prior VA use, discuss entitlement with your lender early.
- Get documents ready
- Gather pay stubs, LES for active-duty members, W-2s, tax returns, bank statements, and ID.
- Have PCS orders or separation paperwork handy if timing applies.
- Choose VA-experienced lenders
- Interview 2–3 lenders familiar with VA loans in El Paso County.
- Ask about overlays, typical timelines, and appraisal partners.
- Get preapproved
- A strong preapproval clarifies budget and strengthens your offer.
- Review estimated payment, funding fee, and whether you will finance it.
- House-hunt with focus
- Align on commute, school preferences, and resale considerations.
- For condos, confirm VA approval status before you write an offer.
- Write a competitive offer
- VA loans allow seller concessions within limits; discuss strategies for closing costs.
- Plan for quick inspections to keep your timeline on track.
- Appraisal and inspection
- The VA appraisal checks Minimum Property Requirements. It is not a full inspection.
- Order a separate home inspection to uncover issues beyond MPRs.
- Resolve repairs and conditions
- Work with your agent to negotiate repairs needed for loan approval.
- If needed, talk with your lender about possible escrow options.
- Clear to close
- Finalize underwriting conditions, confirm insurance, and review closing disclosures.
- Schedule closing with enough cushion for PCS timing and move-in.
Appraisal, inspections, and repairs
VA appraisals focus on safety, soundness, and sanitary conditions. Items like roof quality, heating, plumbing, and safety hazards can trigger required repairs. The seller often completes these before the loan can fund.
Order a separate home inspection so you understand the home beyond MPR basics. If issues surface, your agent can negotiate repairs or credits. In a competitive market, it helps to identify repair needs early so you keep momentum.
New construction with a VA loan
You can use a VA loan for new construction, but it involves added steps. Builders need to meet VA standards, and some lenders avoid construction loans because of the paperwork. If you are considering a new build, talk with VA-experienced lenders up front. Confirm builder documentation requirements and realistic timelines for permits, inspections, and completion.
Common hurdles and solutions
- Condo approvals: If a condo is not VA-approved, check whether the association is open to project approval or consider other properties. Your agent can help you focus on VA-friendly communities.
- Lender overlays: Some lenders add credit score or DTI overlays that are stricter than VA rules. Compare lenders and ask about overlays and average turn times.
- Entitlement and prior defaults: If you used a VA loan before or had a foreclosure or short sale, you may need entitlement restoration. Start that conversation early with your lender.
- PCS timing and occupancy: VA loans require primary residence occupancy. If you have imminent orders, coordinate with your lender and base housing office on timing and documentation.
Quick checklist for military buyers
- Confirm eligibility and request your COE
- Get preapproved with 2–3 VA-experienced lenders and compare overlays
- Map commute times to your assigned base at rush hour
- Verify condo VA approval status before offering
- Order a home inspection beyond the VA appraisal
- Ask about your funding fee, any exemptions, and whether it will be financed
- Review HOA financials and dues if applicable
- Coordinate with your base housing or relocation office for timing
- Confirm insurance needs and check FEMA flood maps if relevant
- Review property taxes and any special district assessments with the county
How Brent & Jen Patterson help
Buying with a VA loan is easier when your team does this every day. You get local guidance on neighborhoods near Fort Carson, the Academy, Peterson, and Schriever, plus clear advice on resale potential, HOA details, and inspection priorities. We coordinate with trusted VA-savvy lenders, schedule fast inspections, and help you write offers that respect your timeline.
You also have access to premium digital tools to search, set alerts, and track new listings in real time. From first call to closing, you get hands-on support, thoughtful negotiation, and a smooth handoff on move-in day.
Ready to make your move with confidence? Start your home search with Brent & Jen Patterson today.
FAQs
Do I need a down payment with a VA loan in Colorado Springs?
- Generally no down payment is required when you have full entitlement. Ask your lender to confirm your entitlement and whether a down payment applies to your situation.
Can I use a VA loan to buy a condo in El Paso County?
- Yes if the condo project is VA-approved. If a building is not approved, your options may include seeking project approval, choosing another property, or considering different financing.
What happens if the VA appraisal finds repair issues?
- Repairs tied to Minimum Property Requirements usually must be completed before closing. Your agent can negotiate solutions with the seller, and your lender can advise on any escrow options.
How long does a VA loan take in this market?
- Timelines are similar to conventional loans. The schedule depends on lender capacity, appraisal timing, and any repair negotiations. Preapproval and quick inspections help speed things up.
Will taxes and insurance affect my VA loan approval?
- Yes. Property taxes, homeowners insurance, and any special district assessments are part of your monthly payment and affect debt-to-income calculations. Get accurate estimates early.
