Can You Buy a Home in Aspen With a VA Loan? - Real Estate in Aspen, CO Homes for Sale & Properties

If you’re like many people, you qualify to use a VA loan on your next home – but can you use a VA loan to buy a home in Aspen? Here’s what you need to know.

What is a VA Loan?

VA loans are mortgages funded by private lenders, but they’re a bit different from run-of-the-mill loans. They’re backed by the Veterans Administration, which means that the U.S. government provides lenders with an extra level of protection if the borrower doesn’t make his or her payments.
If you’re eligible, you can use a VA loan to buy a primary home or to refinance an existing mortgage.

How Does a VA Loan Work?

VA loans, like their traditional counterparts, require you to make monthly payments to your lender. However, they’re a little different than other types of loans.

Who’s Eligible for VA Loans?

Only some people are eligible for VA loans, and eligibility is typically connected to service in the U.S. Armed Forces. You must be an active-duty service member, qualifying veteran or qualifying dependent to use this benefit.
Related: 4 things you need to know about mortgage loans

Veteran Eligibility

This chart is a guide to veteran eligibility for a VA loan.

When You Served	Minimum Time Served in the U.S. Armed Forces
Between September 16, 1940, and July 25, 1947 (WWII)	90 total days, or Less than 90 days if you were discharged for a service-connected disability
Between July 26, 1947, and June 26, 1950 (post-WWII period)	181 continuous days, or Less than 181 days if you were discharged for a service-connected disability
Between June 27, 1950, and January 31, 1955 (Korean War)	90 total days, or Less than 90 days if you were discharged for a service-connected disability
Between February 1, 1955, and August 4, 1964 (post-Korean War period)	181 continuous days, or Less than 181 days if you were discharged for a service-connected disability
Between August 5, 1964, and May 7, 1975 (Vietnam War), or February 28, 1961, to May 7, 1975, if you served in the Republic of Vietnam	90 total days, or Less than 90 days if you were discharged for a service-connected disability
Between May 8, 1975, and September 7, 1980 (post-Vietnam War period), or Between May 8, 1975, and October 16, 1981, if you served as an officer	181 continuous days, or Less than 181 days if you were discharged for a service-connected disability
Between September 8, 1980, and August 1, 1990, or Between October 17, 1981, and August 1, 1990, if you served as an officer	24 continuous months, or The full period (at least 181 days) for which you were called to active duty
Between August 2, 1990, and the present (Gulf War)	ü 24 continuous months, or The full period (at least 90 days) for which you were called or ordered to active duty, or At least 90 days if you were discharged for a hardship, a reduction in force, or for convenience of the government, or Less than 90 days if you were discharged for a service-connected disability
You separated from service after September 7, 1980, or After October 16, 1981, if you served as an officer	24 continuous months, or The full period (at least 181 days) for which you were called or ordered to active duty, or At least 181 days if you were discharged for a hardship, a reduction in force, or for convenience of the government, or Less than 181 days if you were discharged for a service-connected disability
You are currently on active duty in any branch	90 continuous days
You are or were in the National Guard or a reserve component, or continue to serve in the Selective Reserve	You must have been: Discharged honorably, or Placed on the retired list, or Transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable
You served in the National Guard or a reserve component between August 2, 1990 and the present	90 continuous days

You’ll need a Certificate of Eligibility from the VA if you qualify for one of these loans. After you have your certificate, you must give it to your lender.

Is a VA Loan a One-Time Benefit?

You can use your VA loan benefit more than once. However, there’s a small catch: You must pay off your existing VA loan before you can open a new one. The benefit never expires, either. If you used a VA loan to buy a home when you were 20 and you’re now 60 (provided that the original VA loan was paid off), you can use your benefit again.

Can You Buy an Aspen Condo With a VA Loan?

You can absolutely buy an Aspen condo with a VA loan. These loans are designed for homes that are ready to move into, whether they’re condos, single-family houses or sprawling estates (although there are limits on the financial amount that the U.S. government will back). You may even be able to use a VA loan to buy a multi-family home in some cases, but you’ll have to talk to your lender about that.

Do You Have to Pay for Private Mortgage Insurance?

The U.S. government does not allow lenders to make you buy private mortgage insurance with a VA loan. That’s true no matter what amount of money you put down as a down payment – even if it’s nothing. (VA loans allow you to finance the entire cost of the home, no down payment necessary.)

Are You Selling or Buying a Home in Aspen?

If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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