Low Down Payment Loans From Colonial


Having a home to call your own is something that many Americans strive for. Most of us still remember our childhood home. The way the house smelled during the holidays. The notches on the doorway where you measured your height through the years. Countless memories were had under that roof that still brings a smile to your face.

What many people don’t know is there are a number of low down payment programs out there aimed at helping first-time homebuyers purchase their home. Below we have a list of Colonial’s low down payment loans and special programs that were designed with first-time homebuyers in mind.One of the biggest hurdles that people face when buying their first home is knowing how much to save for a down payment. Rent prices continue to rise and many Americans are paying back student loans accrued in college, making it difficult to start saving. What many people don’t know is there are a number of low down payment programs out there aimed at helping first-time homebuyers purchase their home. Below we have a list of Colonial’s low down payment loans and special programs that were designed with first-time homebuyers in mind.

FHA Loan

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA) that allows borrowers to put as little as 3.5% of the cost of the home as a down payment. The down payment requirement can come from gifts or grants, making them very popular for first-time homebuyers. FHA mortgage insurance is required. Speak to your loan officer to find out more.

3% Down Payment Loan

One of Colonial’s newest loan programs, the 3% down payment loan allows first-time homebuyers to put just a 3% down payment towards the purchase of a home. Gift funds for down payment are allowed. It is important to note that private mortgage insurance is required until you have 20% equity built up in the home. Because of the low down payment requirement, this loan program is popular with all types of mortgage borrowers.

USDA Loan

USDA loans are a powerful mortgage option for homebuyers in designated rural and suburban areas. No down payment is required for a USDA loan, and like FHA and 3% down payment loans, borrowers can use a grant or gift funds if they don’t qualify for the zero down payment guidelines. There are monthly fees associated with USDA loans that work similar to mortgage insurance, so ask your loan officer for more information. Read more about USDA Loans.

VA Loan

VA loans are loans for qualified members of the United States armed forces, active military personnel, veterans or spouses. In some cases, one can buy a home with a VA loan with no down payment. More than 27 million Veterans and active service personnel are eligible for VA financing. A VA funding fee may apply when receiving a VA loan, so be sure to speak with your loan officer to learn more. Find out if you are eligible for a VA Home Loan.

Colonial is Here to Help

Colonial has been assisting home owners through every step of the home buying process since 1952. With a number of low down payment programs available, you’re sure to find the loan program that best fits your needs. Fill out an application today to take your first step toward home ownership. You can also find a location near you, or connect with one of our talented loan officers who will be happy to answer any questions you might have and will help you get financially ready to buy a home. Visit www.GoColonial.com for more information.

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Another important factor to consider when buying your first home is your credit. Learn more at about What You Should Know About Your Credit Limit.

 

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