Colorado Veterans

Colorado’s Military-to-Mountain Connection: Why Veterans Could Be an Important Part of Grand County’s Next Buyer Pool

By Chad Chapel | Mountain Property Specialist
The Real Estate Company - Mountain Division | Colorado

Colorado has something few states can match: a powerful military community paired with an extraordinary mountain lifestyle.

From Fort Carson and Peterson Space Force Base in Colorado Springs to Buckley Space Force Base on the Front Range and the U.S. Air Force Academy, Colorado has thousands of active-duty service members, military families, separating service members, veterans and retirees living throughout the state.

And for some of those people, retirement doesn't necessarily mean leaving Colorado.

It may mean moving closer to the mountains.

That possibility deserves more attention from Grand County real estate buyers and sellers.

There isn't a reliable statewide statistic showing exactly how many military retirees want to relocate specifically to alpine communities such as Winter Park, Fraser, Granby or Grand Lake. We don't want to overstate the data. But there is compelling evidence of a large military population, meaningful numbers of service members who remain near their final duty station, and a strong Colorado veteran population -- all of which create a particularly interesting potential buyer pool for Grand County.

And there's another reason we're paying attention:

The VA home loan program remains one of the most powerful financing tools available to eligible buyers -- and several important VA policies have changed or been clarified in 2026.

Let's take a closer look.

Colorado Is a Military State

Start with the numbers.

The VA's Fiscal Year 2025 Annual Benefits Report estimates Colorado has approximately 357,905 veterans. During FY2025, VA-backed home loans in Colorado totaled 14,389 loans representing more than $7.24 billion in guaranteed loan volume.

The Census Bureau's 2024 American Community Survey estimates approximately 328,370 Colorado residents have veteran status, or about 7% of the state's population.

Those numbers aren't identical because they're measuring different populations and using different methodologies, but they tell the same story:

Colorado has a substantial military-connected population.

And much of that population is concentrated along the Front Range.

Look at Colorado Springs

Colorado Springs is arguably the most obvious example.

The city is home to a remarkable concentration of military installations:

• Fort Carson
• Peterson Space Force Base
• Schriever Space Force Base
• Cheyenne Mountain Space Force Station
• U.S. Air Force Academy

The City of Colorado Springs says the surrounding military installations account for more than 24% of all employment in the area.

The Colorado Springs Chamber & EDC reports that more than 80,000 veterans live in the region, while more than 350 military separations occur each month, feeding experienced workers into the local economy. The organization specifically notes that many choose to build their next chapter in the area, while others who were previously stationed there return.

That last point is especially interesting for real estate.

Military service creates a unique relationship with place.

A service member may be transferred to Colorado for an assignment, spend several years here, establish friendships, explore the mountains, raise children and develop a professional network.

Then retirement arrives.

The question becomes:

"Where do we actually want to live?"

For some, the answer may be somewhere very different from their final duty station.

For others, it may be Colorado -- just a little farther into the mountains.

Fort Carson Alone Is a Massive Community

The February 2026 Fort Carson fact sheet provides an extraordinary snapshot.

Fort Carson reports:

• 23,716 active-duty military
• 57,220 family members
• 1,832 Reserve Component personnel
• 5,412 civilians
• 1,450 contractors
• 89,630 total installation population

And perhaps most relevant to real estate:

82% of Soldiers and their families live off-post.

That's more than 57,000 people living in the surrounding community rather than on the installation.

Fort Carson is also home to the 4th Infantry Division, 10th Special Forces Group, 1st Space Brigade and numerous other tenant organizations. The installation reports an annual economic impact of approximately $2.55 billion.

That's a lot of military-connected households making housing decisions.

And not every housing decision ends at Colorado Springs.

Colorado's Space Force Community Is Growing, Too

The military story in Colorado isn't limited to the Army.

The state has become one of the country's most important centers for space operations.

Peterson Space Force Base

Space Base Delta 1, headquartered at Peterson, supports major national-security missions and includes more than 2,800 military and civilian members supporting nearly 17,000 personnel.

The installation's May 2026 State of the Base event brought together civic leaders from across the Pikes Peak region to discuss mission growth and economic impact.

Schriever Space Force Base

Schriever is approximately 10 miles east of Peterson and is home to approximately 8,000 military and civilian employees, according to Space Force. The installation contributes an estimated $1.3 billion annually to the Colorado Springs economy.

Buckley Space Force Base

Buckley is another major piece of the puzzle.

Current installation information reports approximately:

• 3,100 active-duty personnel
• 4,000 National Guard and Reserve personnel
• 2,400 civilians
• 2,500 contractors
• approximately 76,000 retirees and veterans

Buckley estimates its annual economic contribution at approximately $2.6 billion.

That's not merely a military installation.

It's a long-term military community.

And Then There's the Air Force Academy

The U.S. Air Force Academy creates another pipeline of military professionals who spend formative years in Colorado.

In June 2026, more than 1,120 new cadets arrived to begin training with the Class of 2030.

The Academy's military community includes more than 4,000 cadets, while the broader installation community exceeds 58,000 military and civilian personnel according to the Academy's current installation leadership information.

Of course, most Academy graduates will leave Colorado.

But some won't.

And some who leave may eventually come back.

That's one of the recurring themes of military life:

Colorado can become home even when the military assignment was temporary.

Do Military Retirees Actually Stay Near Where They Served?

Here's an interesting data point from the Army that deserves attention.

A January 2026 Army retirement-planning publication says that approximately 25% of transitioning Soldiers stay within the metropolitan area of their last duty station, although the Army emphasizes there is no single percentage applicable to all military retirees and that retirement-location decisions are highly personal.

That doesn't mean 25% of Colorado's retirees are going to Grand County.

It doesn't even mean 25% remain in Colorado.

But it does establish something important:

Military retirees don't automatically scatter across the country.

Some stay where they've built a life.

And Colorado gives those people an unusual range of options.

They can remain near Colorado Springs.

They can move toward Denver.

Or they can move into the mountains.

Why Grand County?

This is where the conversation becomes particularly interesting for us.

Grand County offers something that Colorado Springs and Denver cannot:

An authentic alpine lifestyle without completely disconnecting from the Front Range.

Winter Park, Fraser, Granby and Grand Lake provide:

• Skiing
• Mountain biking
• Hiking
• Fishing
• Hunting
• Golf
• Four-season recreation
• National forest access
• Rocky Mountain National Park proximity
• Small-town communities
• A strong outdoor culture

And Winter Park is only roughly a two-hour drive from the Denver metro area under normal conditions.

For someone leaving military service after spending years in Colorado, that combination can be compelling.

We're not suggesting every veteran wants to retire in Winter Park.

We're suggesting that Grand County belongs in the conversation.

Grand County Already Has a Veteran Community

This isn't a hypothetical military market.

The 2024 Census estimates show approximately 1,150 veterans living in Grand County, representing about 8.6% of the population.

That's a higher veteran concentration than Colorado overall.

Grand County also maintains an active Veterans Service Office that helps local veterans with:

• VA home-loan eligibility
• Compensation
• Healthcare
• Pensions
• Education
• Life insurance
• Transition assistance
• Appeals
• Military records

The county's Veteran Services Officer is available in Hot Sulphur Springs.

There is even a Military Winter Retreat at Winter Park Resort for active-duty service members and veterans with disabilities, providing adaptive alpine skiing, lodging, transportation and instruction.

That's another subtle indicator of the relationship between the military community and Grand County:

The mountains aren't just a backdrop. They're part of the community's identity.

The VA Loan: Still One of the Best Tools Available

Now let's get to the financing side.

The VA-backed home loan remains extremely attractive for eligible buyers.

According to VA's current 2026 guidance, the program can offer:

No down payment

Provided the sales price does not exceed the VA appraised value and the buyer has sufficient entitlement.

No monthly PMI or MIP

This can create a significant monthly-payment advantage compared with conventional financing where mortgage insurance would otherwise apply.

Competitive interest rates

VA says lenders offer competitive rates on VA-backed purchase loans, although the actual rate is determined by the individual lender.

No prepayment penalty

VA-backed loans don't carry a penalty for paying the loan off early.

The benefit can be used again

Eligible veterans can potentially use the VA benefit more than once, subject to entitlement and occupancy requirements.

And the "VA Loan Limit" Conversation Has Changed

This is particularly important for luxury buyers.

If a veteran has full entitlement, VA says there is no VA-imposed loan limit on the size of the mortgage.

The real constraints become:

• Income
• Credit
• Debt
• Lender underwriting
• Available entitlement
• Property appraisal
• Ability to afford the payment

VA's buyer guide specifically states that borrowers with full entitlement can obtain VA backing regardless of home price, without a required down payment, assuming they qualify and the property appraises appropriately.

That's a big deal in Grand County.

A VA loan isn't necessarily just a tool for buying a $400,000 starter home.

With full entitlement and appropriate lender qualification, it can be relevant to significantly more expensive Colorado properties.

That doesn't mean every $1.5 million or $2 million property is automatically financeable with zero cash.

The appraisal and lender underwriting still matter.

But the old assumption that "VA loans are capped at some relatively low number" is outdated for borrowers with full entitlement.

Here's the Catch: VA Financing Is for Your Home

This distinction is critical for Grand County.

A VA-backed purchase loan requires the borrower to live in the home being purchased. VA's current purchase-loan guidance explicitly requires the buyer to intend to live in the property.

That means:

You generally cannot use a VA purchase loan simply to buy a vacation rental or second home that you don't intend to occupy.

But consider a retiring service member who says:

"We're retiring from the military, moving to Grand County and making this our primary residence."

That's a completely different scenario.

A veteran can potentially use the VA benefit to purchase a primary residence in Winter Park, Fraser, Granby or elsewhere in Grand County, assuming all VA and lender requirements are met.

That's where this becomes particularly relevant to our market.

What About Keeping the Existing VA Home?

This is where the conversation gets more sophisticated.

A veteran doesn't necessarily have to sell the first home before purchasing another primary residence with VA financing.

VA allows subsequent use of the benefit, but the veteran needs sufficient remaining entitlement and must qualify financially.

The VA Lenders Handbook also provides guidance for situations where a veteran retains a previous home and rents it out; under certain circumstances, prospective rental income may be used to offset the previous property's mortgage payment, subject to documentation and underwriting requirements.

This creates an interesting potential path:

Current Colorado Springs home → transition to Grand County primary residence → retain previous property as a rental

That isn't appropriate for everyone.

But it's absolutely a conversation worth having with a qualified VA lender before assuming you must sell.

The 2026 VA Appraisal Changes Matter in Mountain Markets

Here's one of the most important recent developments.

On June 25, 2026, VA announced significant updates to its Minimum Property Requirements and appraisal process.

The changes were designed to reduce outdated requirements, shorten delays and help veterans compete in today's housing market.

Among the changes:

• The full radon-gas requirement was removed.
• Standards for properties built before 1978 were revised.
• Standards for properties built in 1978 or later were revised.

The updated requirements took effect in 2026 and were incorporated into the revised VA Lenders Handbook.

Why does that matter in Grand County?

Because mountain real estate can be unusual.

Older cabins.
Condos.
Townhomes.
Radiant heat.
Wood-burning fireplaces.
Septic systems.
Private roads.
Snow-load considerations.
High-elevation construction.

The VA appraisal process still matters, but the program isn't frozen in the past.

And that's good news for both buyers and sellers.

A VA Appraisal Is NOT a Home Inspection

This is another misconception we see.

The VA appraisal determines whether the property meets VA requirements and provides an opinion of reasonable market value.

It is not a substitute for a private home inspection.

VA itself recommends that buyers obtain their own inspection because VA guarantees the loan -- not the physical condition or investment performance of the property.

For a mountain property, we would strongly encourage buyers to investigate:

• Roof
• Foundation
• Drainage
• Heating systems
• Radon
• Plumbing
• Electrical
• Decks
• Snow and ice damage
• Crawlspaces
• Septic/water systems
• HOA financial condition
• Insurance
• Building envelope

VA approval doesn't mean you should skip due diligence.

What About Condos?

This is especially important in Winter Park and Fraser.

VA financing can be used for a condominium if the project is VA-approved.

That means a buyer shouldn't assume:

"It's a condo, so VA won't work."

Nor should a buyer assume:

"It's a condo, so VA automatically works."

The specific project matters.

For a buyer considering a resort condo, we'd want to verify the project's VA status early rather than discovering a problem after writing an offer.

VA Funding Fees: What Buyers Need to Know in 2026

The VA loan isn't completely free.

Most borrowers pay a one-time VA funding fee, although many veterans are exempt.

For current purchase loans, the VA lists:

Certain veterans, including those receiving qualifying VA service-connected disability compensation, are exempt.

And there's another 2026 change worth knowing:

VA funding fees became deductible for eligible borrowers who itemize, beginning in 2026.

Always confirm the tax treatment with your tax professional.

Sellers: Don't Be Afraid of a VA Offer

This is a message we think Grand County sellers need to hear.

There's still a perception in some real estate markets that VA offers are somehow more complicated, slower or less attractive than conventional offers.

That isn't necessarily true.

A well-qualified VA buyer can bring:

• Strong financing
• Significant purchasing power
• No required down payment
• Competitive rates
• A government-backed loan
• Potentially substantial buying capacity with full entitlement

And sellers can negotiate financial assistance.

VA allows sellers to pay certain buyer closing costs, and seller concessions are generally limited to 4% of the property's reasonable value, with important distinctions regarding what counts toward that cap.

Seller-Paid Rate Buydowns Can Be Especially Interesting

We've written extensively about seller-paid rate buydowns because they can be a powerful negotiating tool in today's market.

VA expressly allows funds for temporary buydowns, and seller concessions can be used within VA's rules.

For example, rather than simply reducing a $1 million asking price by $25,000, a seller might structure an offer that uses some of the available economics toward:

a temporary interest-rate buydown or other allowable closing costs.

That can create a meaningful difference in the buyer's early monthly payment while potentially preserving more of the seller's headline sale price.

The right structure depends on the lender, contract and VA rules.

But in a market where sellers are competing for qualified buyers, understanding VA financing can help a listing appeal to a larger pool.

There Is Also a 2026 Buyer-Broker Change Veterans Should Know

VA rules surrounding buyer-broker compensation have evolved.

Following the changes to real estate brokerage practices, VA established a temporary local variance allowing veterans in certain circumstances to pay reasonable and customary buyer-broker charges, subject to restrictions.

The important takeaway:

Don't assume the buyer automatically has to pay the fee -- and don't assume the veteran can never pay it.

The transaction needs to be structured correctly with the lender and real estate professionals.

VA itself has emphasized negotiating these costs and preserving veterans' ability to compete in the marketplace.

Colorado Gives Military Retirees Another Reason to Run the Numbers

Colorado's treatment of military retirement income is also worth understanding.

For retired service members under age 55, Colorado currently allows a subtraction of up to $15,000 of qualifying military retirement income for tax years 2022-2028.

Those 55 and older may qualify for Colorado's broader pension and annuity subtraction rules, subject to the applicable limits and requirements.

Importantly, Colorado's own Office of the State Auditor has cautioned that the military-retirement deduction may not be a major incentive for retirees to relocate to the state, and its analysis found Colorado's under-55 military-retiree population had declined 6.5% over the five years examined.

That's an excellent example of why we shouldn't oversell the story.

The tax benefit is helpful.

But people don't move to the mountains because of a $15,000 tax subtraction.

They move because of quality of life, family, work, recreation, community and lifestyle.

The tax treatment is simply one piece of the puzzle.

So What Does This Mean for Grand County Buyers?

If you're an active-duty service member approaching retirement, a veteran, or a military family considering Colorado mountain living, here's where we'd start.

1. Start early.

Don't wait until your retirement orders are finalized.

Begin talking with a VA lender months ahead of your anticipated move.

2. Get your COE.

Your Certificate of Eligibility confirms your VA entitlement status.

You can request it yourself or have your lender obtain it.

3. Understand your entitlement.

If you have full entitlement, the VA does not impose a loan limit.

If you've used your benefit previously and are retaining that property, remaining entitlement becomes much more important.

4. Get preapproved with someone who understands VA.

Not every lender approaches VA financing the same way.

Compare:

• Rate
• Fees
• Origination charges
• Closing costs
• Turn times
• Mountain-property experience
• Jumbo/large-loan experience
• Condo experience

VA itself recommends shopping multiple lenders.

5. Decide whether Grand County will truly be your primary residence.

That's fundamental to VA eligibility.

If you're purchasing a vacation property that you don't intend to occupy, a VA purchase loan generally isn't the appropriate financing tool.

6. Then determine what community fits.

Winter Park?

Fraser?

Granby?

Grand Lake?

Each has a different lifestyle, housing stock, price point, HOA environment and rental landscape.

And What Should Grand County Sellers Know?

If you're selling a mountain property, the military buyer pool deserves consideration.

Don't dismiss VA financing.

A VA buyer may be extremely well qualified.

Don't automatically reject an offer because it has a VA loan.

Look at the entire offer:

• Price
• Earnest money
• Appraisal
• Financing
• Inspection
• Closing timeline
• Seller concessions
• Buyer strength

Make the property VA-ready.

Clear obvious maintenance issues.

Provide documentation.

Know your HOA's financials.

Understand condo approval status.

Make it easy for the appraiser to understand the property's value.

And understand how to use concessions strategically.

A seller-paid temporary buydown or allowable closing-cost contribution can potentially make a property more attractive without relying solely on a price reduction.

The Bigger Picture: Military Service Creates a Different Kind of Colorado Connection

This may be the most important takeaway.

Military families are accustomed to moving.

They learn new communities.

They establish relationships quickly.

They adapt.

And when the final move arrives, the question often changes from:

"Where does the military want me to go?"

to:

"Where do we want to live?"

Colorado already has an enormous military ecosystem.

Fort Carson is growing.
The Space Force has a major presence.
Buckley supports a massive Front Range military community.
The Air Force Academy continues producing new officers.
Thousands of veterans already call Colorado home.

And Grand County offers something uniquely compelling to those who have fallen in love with Colorado's mountains:

The opportunity to make the alpine lifestyle permanent.

We don't believe every veteran leaving Fort Carson or Peterson is a future Winter Park homeowner.

But we do believe military-connected buyers should be considered a meaningful and potentially underappreciated segment of the Grand County market.

And for sellers, understanding how these buyers finance their purchases can make a real difference.

A Final Word for Our Military Buyers

If you've spent years serving this country, you've earned the right to be intentional about where you spend the next chapter.

Maybe that's Colorado Springs.

Maybe it's Denver.

Maybe it's somewhere completely different.

But if the mountains have become part of what makes Colorado feel like home, Grand County deserves a look.

Winter Park.
Fraser.
Granby.
Grand Lake.

Different communities.

Different price points.

Different lifestyles.

But all connected by the same thing:

Mountain living.

And if you're eligible for a VA home loan, don't leave that benefit sitting on the sidelines without understanding how it can fit into your next move.

At The Real Estate Company - Mountain Division, we believe military buyers deserve more than someone who simply knows how to open a lockbox.

They need someone who understands mountain real estate, VA financing, local communities and the long-term implications of the purchase.

For sellers, we believe the same knowledge matters.

Because the best real estate professionals don't simply know who is buying today.

They understand who could be buying tomorrow.

We Show Up Big Every Time.