FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
What is a FHA Loan?
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
Benefits of FHA Loans
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Different counties have different limits on how much you can borrow for an FHA Loan.
Get Pre-Approved for a FHA Loan
We are conveniently located in the City of Fairfax and serve surrounding cities such as Arlington, Vienna, McLean and the entire Northern Virginia area. We offer a full line of FHA Loans for all of your purchase or refinance needs including:
- FHA 3.5 % Down Payment Government Insured Program
- FHA Streamline Refinance Government Insured Program
- FHA Government Insured Reverse Mortgages
Call Rick Saunders today at 703-281-RICK (7425) for the best rate and terms for your Virginia mortgage needs.