My Top Ten FHA Loan Questions in Woodbridge, VA

Mortgage and Lending with Fairway Independent Mortgage NMLS #196099

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.

arrows,buttons,cropped images,cropped pictures,directional,directions,down,down arrows,icons,instructions,PNG,symbols,transparent background                                                      business,currencies,dollars,monies,phrases,saves,signs

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



Blue Gift Clip ArtThe 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 loans?


     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) .

                  buildings,buy,buyers,closed,Fotolia,home,houses,loans,mortgages,moving,offers,Photographs,properties,purchases,purchasing,real estate,rent,sales,Signs,sold




Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Peggy James 07/16/2010 01:14 AM
  2. Cara Marcelle Mancuso 07/16/2010 05:14 AM
Lending / Financial
Virginia Prince William County Woodbridge
fha loans
questions about fha loans
frequently asked questions about fha loans

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Markita you write very good FHA blogs. I am definitely a follower. Thanks for sharing this. Great post.

Jul 07, 2010 07:35 AM #1
Deborah "Dee Dee" Garvin
C2 Financial - San Diego, CA
C2 Financial

Markita, great post and great information to share with consumers and agents! 

Jul 07, 2010 07:37 AM #2
Markita Woods NMLS#196099
Fairway Independent Mortgage - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

@Lanre thanks!


@Deborah thanks and how is FHA working in California?

Jul 07, 2010 07:47 AM #3
Cara Marcelle Mancuso
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
Call a Marana neighbor, I'm THERE! LONG REALTY

This is a great post and helpful for the SW too!  I have reblogged to share to buyers in our area.  Thanks!

Jul 16, 2010 05:17 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
Ask me a question
Spam prevention

Additional Information