Virginia FHA Loans

If you are thinking about moving to Virginia, right now is the ideal time to apply for a Virginia FHA loan. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have made the loan process much easier and more affordable to obtain than conventional loans. This is extremely helpful to all American families, especially those who might not otherwise qualify for a conventional loan.

History of FHA Loans

The US Government created the FHA in 1934 to help families who were struggling through the Great Depression. During this time foreclosures were at an all time high and new, affordable loans were extremely hard to come by. The FHA home loan program turned this around by insuring privately issued loans and also helping families keep their homes by refinancing their current mortgages. Since 1934, millions of Americans have taken advantage of the program and made the dream of homeownership a reality.

Today

The FHA and HUD home loan programs are again helping people during these tough economic times. One of the benefits the FHA extends to those who qualify is a low down payment feature of only 3.5%. This is much more affordable than the 20% that conventional loans typically require. The other great benefits of using the FHA to purchase your new Virginia home include low interest rates, streamline refinancing, easy approval and flexible repayment options.

Keep Your Home

If you already have a mortgage but are struggling to make payments, the FHA has programs to help you get back on track. Through both HOPE for Homeowners and FHASecure, the FHA has helped families continue to make payments and avoid foreclosure. Even if you currently have a conventional loan, you will still be able to take advantage of these programs and refinance your mortgage.

Getting Started

Before you start searching for your new home and potential lender, it’s a good idea to get pre-approved for a loan. Once you have your pre-approval you will be able to search for a house in your price range and find a lender you like. The lender you choose to go through can be any lending institution as long as they are approved by the FHA.

We would love to help you get started today on the path to homeownership. Fill out our secure online form and we’ll have you pre-approved instantly for free!

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