Traditional Mortgages
Colonial Mortgage Corporation offers many different types of financing and re-financing options. To find the best option for your situation, we recommend you contact one of our representatives, who will gladly assist you in deciding on the best program,
Conventional Products
Traditional financing lets you establish a monthly payment for consistency in budgeting. You may choose from a variety of terms to structure a payment schedule that best suits your needs.
- Fixed Rate
- Adjustable Rate
- Jumbo Mortgages ($417,000 and higher)
Government Products
- FHA Mortgages
- VA Mortgages
- USDA Mortgages
- 1st Time homebuyers
Benefits of FHA Mortgages
FHA allows for less than perfect credit and a low downpayment. The seller is allowed to contribute some of or all of the costs up to 6% of the sales price. Many lenders offer alternative mortgage products for people with credit difficulties, and rate penalties. We use prevailing interest rates, no penalties.
Benefits of VA Mortgage
Zero down payment financing, prevailing market interest rates. The funds to close may be in the form of a gift or borrowed from a relative. The seller is allowed to pay or contribute in payment of all closing costs and prepaids up to 4% of the sales price.
Generally, VA accepts some borrowers with past credit blemishes. They have liberal payment qualification standards and a veteran can often maximize a mortgage with a VA loan.
UDSA Mortgage
The USDA Guaranteed Rural Home loan program was created to help low to moderate income families buy homes in designated rural areas with 100% financing. Rural Development mortgage loans provide one of the most cost-efficient ways to finance a home.
Allows for true zero-down financing, repairs can often be financed, seller contributions and third party gifts are allowed, not restricted to first time homebuyers, no monthly mortgage insurance.
