Norfolk, Virginia Beach and Newport News FHA Loans

If you are planning to move to Norfolk, Virginia Beach or Newport News, right now is the perfect time to apply for an FHA loan. The Federal Housing Administration (FHA) started its home loan guaranty program in 1934 and has helped millions of Americans become first time homeowners since that time. Today the benefits are greater than ever and helping more people than ever before.

What are the benefits?

The first major benefit of FHA loans is the low down payment. Right now you can qualify for a new loan with a low 3.5% down payment on the property. You will also get to take advantage of low interest rates and won’t have to pay for private mortgage insurance (PMI).

Who can qualify?

Everyone is encouraged to apply for FHA loans. Your approval will be based on your financial situation and the county’s loan limits. For a complete list of loan limits in your county, be sure to check out the website for the US Department of Housing and Urban Development (HUD).

What if I don’t have great credit?

It’s okay if you don’t have perfect credit. Even if you’ve had some financial trouble in the past, there’s a good chance you’ll still be able to qualify for an FHA loan.

What refinance options are available?

Once you have your FHA loan, you can choose between an FHA streamline refinance and cash-out refinance on your home. The streamline refinance requires no additional paperwork or out-of-pocket expenses and is used solely to obtain a lower interest rate. The cash-out refinance is perfect for people who need to borrow cash against the house’s line of equity.

What is an Energy Efficiency Mortgage?

The Energy Efficiency Mortgage (EEM) was designed for people who want to upgrade the features of their new house to be more energy efficient. The EEM includes the cost of the new house plus any upgrades such as new solar water heaters.

Where do I find an FHA loan?

You can choose to obtain your loan from a mortgage company, bank or savings and loans association, as long as they participate in the FHA home loan program.

Can I get pre-approved today?

Yes, and we’d love to help! Simply fill out our online form to get started. The pre-approval is fast, secure and has zero obligation.

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