If you come from the Old Dominion, then FHA mortgage Virginia may just be the product for you in time for owning your first home. To facilitate you in this accessible funding program is FHA Home Loan Group. We will guide you through the pre-qualification stage, which determines the various eligibility stipulations you ought to pass in order to secure the loan. The most common of all are the simple credit and income stipulations that include a few mentions below:
- Your credit score ought to be at least 620 in order to qualify for FHA mortgage VA.
- Your income ought to be within 115% of the Area Median Income for those applying for the Guaranteed Program. The latter serves the moderate-income applicant whose earnings are slightly above those of the collective earnings of the county by 115 percent. You can also opt for the Direct Program which serves those with earnings ranging from 50 to 80 percent of AMI.
Passing the Pre-qualification Stage
We’ll help you pass through the eligibility stage after you meet the following requirements for FHA mortgage Virginia:
- You have no other credit obligations such as unpaid credit cards.
- You intend to live in the home as your primary residence.
- Your employment record dates back to the past two years and has been consistent.
- You have stable income through payment details of the past 24 months.
Getting Approval Through Home Appraisal
Another essential stage that is as easy as the rest is that of appraising the value of your property. It has these few facts:
- The appraisal process determines the current value of the property and evaluates if there is any need for repairs.
- You conduct this process with the help of the lender and a professional valuation expert.
We can also assist in finding a certified real estate agent who can accelerate the process of appraisal and thus gain fast approval for FHA mortgage Virginia.
Benefits of FHA mortgage VA
- Unlike conventional schemes, you will receive 97 percent worth of LTV. This refers to loan-to-value ratio, which determines the amount you will pay after subtracting the down payment. This means that you get a high lump sum that nears what you have actually borrowed on FHA mortgage VA.
- You will pay a down payment of just 3.5 percent.
- You can co-opt with another party to share the burden of payment even if the latter does not reside in the property.
Thus, this is your finest hour of getting approval for FHA mortgage Virginia.
Let the FHA Home Loan group assist you. Call [888] 202-4479