Below are some commonly asked questions regarding FHA loans in Virginia.
Call American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer on your FHA Home Loan in Virginia the same day!
What is an FHA loan?
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD (Dept of Housing and Urban Development) – insures the loan, so your lender can offer you a better deal. The loan is approved using FHA guidelines.
What are the advantages of an FHA loan? Low down payment (3%) and easier credit qualifying than a conventional mortgage. FHA also allows all of your down payment to be a gift from a family member or approved grant proceeds.
FHA requires that a home meet certain minimum condition standards to protect the homebuyer and assure FHA of the soundness and marketability of the home.
What are the disadvantages of an FHA loan? FHA loans require mortgage insurance. It is paid in two ways. There is an up-front monthly premium of 1.5% of the loan amount that is rolled into the loan, and there is a monthly fee paid in your mortgage payment each month.
FHA requires that a property meet certain minimum standards at appraisal. (Recent changes have made these standards less stringent.) If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).
Call American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer on your FHA Home Loan in Virginia the same day!
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