FHA Home Loan Programs

If you are a first time home buyer in Virginia or have low to moderate income, you may be eligible for an FHA loan. FHA home loans help low and moderate income families become homeowners by lowering some of the costs of their mortgage loans. You may qualify for an FHA home loan with a down payment of 3% of the loan or less.

FHA home loans allow 100% of down payment amounts to be a gift from friends, family, or other sources. Many of the closing costs can also be financed to reduce the up-front cost when buying a home. FHA has several loan programs designed to fit the needs of those with a moderate income.

Although there are some similarities between FHA loans and conventional mortgage loans, there are also big differences. While interest rates are similar, credit guidelines are different. FHA loans allow borrowers with less than perfect credit to receive the same interest rate as a borrower with clean and unblemished credit. If your a veteran, be sure to check out our VA loans for Veterans

FHA finances more single family real estate homes than most of the other types of properties combined. The basic single family FHA loan is called a FHA 203(B) mortgage loan. FHA is mostly for purchase loans and will also do a mortgage refinance.

FHA Loan Programs: In addition to the traditional 30-year and 15-year fixed rate FHA mortgage loans, We have highlighted popular FHA mortgage programs below:

• FHA Adjustable Rates - The FHA adjustable rate mortgage loan is one of the best adjustable rate mortgages available. FHA adjustable mortgages are designed to protect the home owner from larger payment and interest rates adjustments common with other loans. The yearly interest can rise or decrease no more than 1% per year vs. 2% for a conventional loan.

• FHA 2/1Buy Down - FHA Buy-down loans are simply a 30 or 15 year fixed rate mortgages where you (or the seller) have prepaid interest rate buy-down fee's to obtain a 1% or 2% lower interest rate for the first 1 or 2 years.

  The advantage of the FHA 2/1 Buy-down is that this lowers your initial monthly mortgage payments and allows you to qualify for a higher sales price home or if you are refinancing an existing mortgage, to further lower the payments. This loan provides you with the benefit of a lower start rate but the stability of a fixed rate loan.

• Neighborhood Gold Down Payment Assistance Program - The Neighborhood Gold Down Payment Assistance program allows homebuyers to purchase a home with no down payment and no closing costs by providing the money necessary to purchase without repayment! You may receive from 3% up to 10% towards your down payment and closing costs dependant on the amount of participation of the seller. In order to use the Neighborhood Gold Down Payment Assistance Program, you must be prepared prior to making an offer on a property. Since the program requires the participation of the seller, it must be negotiated before finalizing your purchase offer.

• Teacher Next Door- The Teacher Next Door Initiative offers HUD-acquired, single family homes to public school teachers with the following significant benefits:
  · 50 percent discount off appraised value. · Only $100 Down Payment required*.

• Officer Next Door Program - The Officer Next Door Initiative offers HUD-acquired, single family homes to public police officers with the following significant benefits:
  · 50 percent discount off appraised value. · Only $100 Down Payment required*

• FHA Streamline Refinance Loans - If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today. The FHA "Streamline Refinance" allows existing FHA home loan borrowers to reduce their interest rate without having to jump through hoops.

• FHA 203K Loans - FHA 203K Loans allow homeowners and homebuyers an opportunity to purchase or refinance existing housing and finance up to 110% of the costs needed to improve the home. The 203(k) is ideal for "fixer-uppers" or "handyman specials".

For more questions on FHA mortgage loans or contact us via email for an FHA mortgage quote and we will be happy to discuss all your FHA home loan options or many of our other first time home buyer programs . Call us at 800.961.9121 , Monday through Friday from 9 a.m. to 5 p.m. Eastern time or you can use our quick and easy online application for FHA home loans!