Lake Ridge Virginia Real Estate Help For Sellers and Buyers: Have You Ever Wondered If You Quailify For FHA Financing?

My Top Ten FHA Loan Questions in Woodbridge, VA

Since FHA Loans are very popular right now I want to share the top ten questions that I am most frequently asked by clients considering purchasing a home.

1. What is a FHA Loan?

A FHA Loan is a federally insured loan that allows lenders to approve home loans with low down payments, low closing costs, and less strict credit guidelines.

                                                    

2. Who is eligible for FHA Loan?

Although many first time buyers utilize FHA Loans, anyone looking to purchase a home as a primary residence that does not currently have a FHA Loan is eligible. (If you already have a FHA loan you have to meet a certain standard which are addressed in one of the questions below.)

3. What is the credit score requirement?

FHA does not have a minimum credit score requirement, but the lenders do.  Right now our minimum is a 620 middle score.  If you are a few points shy don’t worry I can help.

4. What is the low down payment?

 

The low down payment for FHA loans is 3.5% of the sales price

 

 

Quick example: Sale Price = $300,000 Down payment = ($300,000 x 3.5%)

                                             Total = $10,500

 

 

The down payment can be a gift from family, a nonprofit agency, or your employer.If you are a first time buyer in Virginia we have a special program to help finance the down payment (Income restrictions do apply, please call 703-497-3936 or email FHA/VA Lender for more details).

5. I just started my credit and job, can I have a “cosigner” with FHA loans?

     Yes you can have a family member cosign as a “non-occupying co- borrower” like Mom, Dad, or even Grandma…..

6. What are the FHA Loan Limits?

    In the Washington DC Metro Area the loan limit is $729,250 for FHA Loans.

7. I bought a home before with a FHA Loan and I still own the house.Can I purchase another home with a FHA Loan?

    Unfortunately, no you cannot, unless your job has relocated you to a different area at least 100 miles from your property that is financed with a FHA loan.

8. I had a bankruptcy can I buy a home using FHA?

 

     Yes, you can as mentioned earlier, the FHA credit guidelines are less strict, and you only need two years from bankruptcy discharge with re-established credit to be eligible for FHA financing.

9. What if the house is a foreclosure and needs some repairs, can I use a FHA Loan?

 

     Yes you can purchase and repair the property with the FHA 203(k) loan.

 

10. What are the major differences, between FHA and conventional lo

 

     Credit score requirements, lower down payment, and monthly mortgage insurance (this may be changing soon, though)

 

                                                                                                                   

If FHA is not a good fit for you, I will work hard to answer your questions, and find the best program for your needs.

 

Now feel comfortable getting started with our short online application or give your Woodbridge FHA/VA Lender a call (703-497-3936) .

                 

 

 

Markita Aldridge-Woods of WestStar Mortgage, Inc. Contact me via email or call me direct at 703-497-3936 for answers to your questions about mortgage financing.  Or get pre-approved today to purchase your home.

I service Woodbridge, Lake Ridge, Dale City, Fairfax, Stafford, Fredericksburg, Manassas, Manassas Park, Quantico, Ft. Belvoir, and the Virginia surrounding areas.

We offer FHA, VA, VHDA,USDA, and Conventional financing.

(WestStar Mortgage Inc. is licensed by the Virginia State Corporation Commission and License No. MC-1875)