VA Loan Basics


One of the ways Colonial recognizes veterans is by offering a special loan program that is guaranteed by the U.S. Department of Veteran’s Affairs. There are a number of benefits for using a VA loan for those who qualify. Below, we’ve answered some of the basic questions about VA home loans.Each year on November 11, Veterans Day is recognized in the United States to honor the men and women who have served in the military. Along with parades and other tributes, many restaurants, coffee shops and other retailers offer special discounts to veterans as a way to say thank you. One of the ways Colonial recognizes veterans is by offering a special loan program that is guaranteed by the U.S. Department of Veteran’s Affairs. There are a number of benefits for using a VA loan for those who qualify. Below, we’ve answered some of the basic questions about VA home loans.

Who is Eligible?

More than 27 million Veterans, current service members and their spouses are eligible for a VA Loan. Even if Veterans have already used their loan benefits, it may be possible to buy a home again or refinance remaining or restored loan entitlements with a VA loan. VA Loans may also carry more lenient credit score requirements, so Veterans that may have been turned down for a conventional loan might find funding through a VA Loan.

What are Some Advantages of a Colonial VA Loan?8

  • 100% financing with no down payment as long as the sales price does not exceed the appraised value
  • No upfront or monthly private mortgage insurance
  • VA funding fee may be financed into the loan or paid at closing
  • VA rules limit closing costs, which may be paid by the seller
  • Purchase, build, refinance or remodel — with 15- and 30-year terms and great rates available

How Can I Apply?

At Colonial, we understand the stress that can accompany our current and former military members and their families. One thing that should not be stressful is securing your mortgage financing. Colonial has been assisting home owners through every step of the home-buying process for 65 years. Our team of professionals will be happy to answer questions that may come up. You can contact one of our loan officers, or apply online today. To read more about Colonial and other home loan, banking, or insurance products, visit GoColonial.com.

 

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One of the biggest hurdles that people face when buying their first home is knowing how much to save for a down payment. Learn more about Low Down Payment Loans from Colonial.

 

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