FHA Home Loans
Virginia Mortgage Bankers provides FHA home loans to help home buyers that have a little down or no down payment. FHA is short for the Federal Housing Administration and they insure the loans that banks and lenders provide.
FHA home loans are great loans for first time new home buyers with a small or zero down payment. FHA loans allow borrowers with less than perfect credit to receive the same interest rate as a borrower with clean and unblemished credit. Typically, FHA mortgage loans require 3.5% down.
FHA mortgage loans are excellent loan programs because first time home buyers often experience the most difficulty amounting a significant down payment and they can have limited credit history. FHA mortgage loans were designed for those home buyers with limited and marginal credit but are only a few of the first time home buyer programs that Virginia Mortgage Bankers offers.
FHA mortgage highlights:
- Low FHA mortgage rates from Virginia Mortgage Bankers!
- Low down payment (less than 3.5% down in most cases)
- Gifted funds accepted for down payment
- Seller can contribute up to 6% of sales price
- Low mortgage insurance Mortgage Insurance or MIP
- Approved condos welcome (no up-front mortgage insurance payment required!)
- Low minimum credit score requirements
- Past bad credit not a problem. FHA underwriting guidelines are more liberal than those for most mortgages. Past bad credit does not automatically mean you can’t get a low-interest mortgage
- Even bankruptcy may not interfere with a FHA home loan (if 2 years since discharge)
FHA mortgage loans are open to all income levels.
Unlike many federal loan programs, FHA is not a low-income loan program. If your income puts you above the cut-off for other federal programs, you may still qualify for a FHA low-interest mortgage. Maximum FHA loan amounts vary by region so contact us to find out the loan limit for your area.
Stop paying rent and call us today for a pre approval and you could be moving into your new home in 30 days!