What to Know About Colonial’s VA Loan Program


For many Veterans and their families, the dream of homeownership may not be as difficult as they think. We’ve answered some of the most frequently asked questions about VA Loans.Owning a home is a goal that sits at the top of the list for many across the country. For the millions of United States Veterans who are hoping to achieve their dream of home ownership, there is a lot of misinformation out there on the difficulties of obtaining a VA loan. For many Veterans and their families, the dream of homeownership may not be as difficult as they think. We’ve answered some of the most frequently asked questions about VA Loans.

What is a VA Loan?

A VA Loan is a type of mortgage loan that is issued by qualified lenders, such as Colonial, and are guaranteed by the U.S. Department of Veteran’s Affairs (VA).

Who is Eligible?

More than 27 million Veterans, service personnel 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. 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?

  • 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 financing 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?

Applying for a VA Loan is probably easier than you think. It’s important to know your options and talk to a qualified professional to ensure a VA Loan is right for you. If you would like to talk to one of our experienced professionals, give us a call today at 817-390-2000. You can also apply online, or visit the Home Loans of our website to read more.

 

Looking to build a home with your new VA loan? Check out our article on Colonial’s Single Close Construction Loan Program.

 

Related Articles

Leave a Reply