Common Question

Can you rent out a home that has a VA mortgage on it? Yes, with certain conditions. VA loans are given only to Veterans who plan to occupy the home as their principle residence. This means that you cannot use your VA loan benefit to buy a home to fix and flip or to rent out as an investment property in the first place.  As a side note, I have never known how VA will monitor this but you don’t want to be the guy doing it on the day they implement their nationwide occupancy check program! I suspect that they may do spot checks using utility records, insurance policy checks or other methods. Again though, keep in mind that VA is a goverment agency so all bets are off where compliance is concerned.

If you find yourself in a situation where you have been living in your home for a while and get PCS orders, you may want to consider finding a renter for your home. Lots of military people who own homes in Colorado Springs choose to do this. They may be planning to come back here for retirement or simply want to keep the property as an investment. I had an Air Force client a few years ago who bought a property at each of his duty stations, to include England, and then rented them out when he PCS’d. Owning an investment property has certain tax consequences (good and potentially bad) so you need to seek out the advice of a qualified tax professional on this subject, primarily before selling a property that you have been renting out for a while.

Lots of people do not buy a home when they move to Colorado Springs for many different reasons. Maybe they already own a home in another location. Possibly they have a few dings on their credit that will prevent them from buying but they are well able to pay their rent each month. Maybe they are here with the Canadian military and they can’t buy but their government pays the rent. They make excellent tenants. I have several clients who rent their homes out to other military personnel and they have success without even hiring a property manager. This is easier in certain price ranges than others. It all depends on the kind of property you have to rent out.

Bottom line here: the answer is yes, you can rent out a home with a VA loan! Just be sure to do it for the right reasons and you will be fine. For more info on this subject, contact me. I can assist you with buying a home or planning to rent one out. You may also need to evaluate your potential rent amount which might help make the decision in the first place. I am here to help-just call me at 719-264-7777.

Really, a large number of people who move here every year didn’t necessarily “choose” to come here. These people are our military troops who get PCS orders for Ft. Carson, Peterson AFB, NORAD, Schriever AFB and the United States Air Force Academy. These five installations bring many new people to Colorado Springs each month. Lots of them want to come here and for good reason. Other people begin their search for a new city in order to escape their old one. It’s no secret that fed-up Californians are still relocating here in large numbers.

Colorado Springs offers an excellent quality of life! Look outside the window of where you are currently living. What do you see? I look out my window and see Pikes Peak and the beautiful mountains of Colorado. The sky is usually a bright shade of blue and the air is clean. Our water is crystal clear and tastes great right ut of the tap. Not every city can say that.

Colorado Springs has many employment opportunities.  Aside from the military presense, we have lots of major employers here. USAA, HP, Penrose St. Francis Hospital, Booz Allen-Hamilton, FedEx and many more.

The Pikes Peak region has more outdoor activities than most people have time to even think about doing! If you are a hiker, we have many trails in the city or within a 20 minute drive. Biking is popular as well. We see road bikers commuting to work and riding for pleasure. Mountain biking trails are easily accessible. Local parks have something for everyone as well. You can take a picnic to a neighborhood city park or spend all day in the Garden of the Gods.

Traffic is rarely an issue for Colorado Springs residents. The daily commute for most people is a short one with very few delays. This is a large city but drive times are short. Many people choose to live in Colorado Springs but work in Denver, only an hour away.