Military Moves to Colorado Springs: Answers for Guardians, Soldiers, Airmen, and Veterans

Colorado Springs is home to Fort Carson, Peterson Space Force Base, Schriever Space Force Base, Cheyenne Mountain Space Force Station, and the U.S. Air Force Academy. Whichever installation you're assigned to, much of the housing picture is the same. BAH and core PCS entitlements come from Department of Defense rules, and the VA home loan works the same way for every branch.

My approach is the same for everyone, too. Before we talk about homes, I want to understand your life goals and your requirements: your report date, your commute, how long you expect to stay, and what you want this move to do for your finances over the long run. Your unit or commander may add expectations of their own, so it helps to confirm those early.

Service members live throughout the entire city. This page won't tell you which neighborhood suits your installation. It will help you weigh commute, cost, and timing so you can decide for yourself. For drive times to each installation, see neighborhoods by school district.

Questions every military family asks

VA loans: what I watch for

I'm a Military Relocation Professional, not a loan officer, and the lenders I recommend all have VA experience. I've helped clients close the sale of a home with a VA loan in the morning, have their VA entitlement restored, and use it to buy their next home that same afternoon. That takes close coordination among the lenders and the title company, and it isn't possible in every situation. I also work with the lender to compare costs before you decide how much to put down. For a first-time VA purchase, for example, the VA funding fee is 2.15% of the loan amount with less than 5% down, 1.5% with 5% or more down, and 1.25% with 10% or more down. Veterans who receive VA disability compensation are exempt from the fee. And I work with the lender to plan which seller concessions we can ask for to bring your costs down.

Space Force: Peterson, Schriever, and Cheyenne Mountain

If you're a Guardian, or you're assigned to Peterson, Schriever, or Cheyenne Mountain, start with buying a home in Colorado Springs as a Guardian.

Fort Carson

If you're PCSing to Fort Carson, start with buying or renting when you're stationed at Fort Carson. It covers Fort Carson's own housing requirements, including checking in with the Housing Services Office before you commit to anything off post.

Air Force and the Air Force Academy

Air Force families here are assigned to the Academy, to Peterson (including joint commands such as NORAD and U.S. Northern Command), and to Cheyenne Mountain. I'm an Air Force Academy graduate and a retired Air Force veteran, and my family made more than 10 military moves.

Veterans and military retirees

Transitions are tough. If Colorado Springs was your last assignment, you probably know the area well. If you plan to buy here when you get out, it can help to buy while you're still on active duty.

Here's why. Lenders look at your work history to decide how much of your income they can count. Under Fannie Mae's guidelines for conventional loans, for example, lenders generally want a two-year history of self-employment income, and a two-year history is recommended for commission income, though as little as 12 months can sometimes be considered. For a regular W-2 job, lenders evaluate whether your work history over the most recent two years shows a reliable pattern. VA loans follow VA's own underwriting rules, so ask your lender how they would treat your situation.

There may be fewer hurdles if you buy while in uniform. That isn't guaranteed either way, so look into it with your lender before you separate or retire.

Talk through your move

Sources

• Peterson SFB Newcomers Information, Peterson and Schriever Space Force Bases
• Housing, U.S. Army Garrison Fort Carson
• VA funding fee and closing costs, U.S. Department of Veterans Affairs
• B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower, Fannie Mae Selling Guide
• B3-3.2-02, Standards for Employment-Related Income, Fannie Mae Selling Guide