My name is Susan Jacobs and I am a realtor with Samson Properties in Gainesville Virginia. This is my Monday Mortgage update May 11, 2020. Today I would like to talk about different types of mortgages commonly used to finance a home. That would Conventional Mortgages, F.H.A. Mortgages and VA Mortgages. Let me give a brief explanation of the differences .
A Convention mortgage is a mortgage that is not obtained under a government issued program. In Northern Virginia the loan limit is $510,400 anything above that is considered a Convention Jumbo Mortgage.
A F.H.A mortgage is a mortgage that is insured by the Federal House Administration. They are a federal agency that insures first mortgages enabling lenders to loan a very high percent of the sale price. While loan limits can change as of 2020 the limit was $765,600.
VA is the Department of Veteran Affairs formally known as Veterans Administration. A VA loan is a zero down loan for Veterans and Service Members and selected Military Spouses. The loan is guaranteed by the US Department of Veteran Affairs. Loan limits can be the same for the entire state or it can vary by county. In Northern Virginia Veterans with full entitlement are not subject to loan limits.
There are hundreds of different loan programs and many variations of the top three mortgages and it all depends on your personal and financial situation. If you are looking to buy a house your first stop should be with a lender. Depending if you are a W-2 employee or self-employed will determine what documentation the lender will need to qualify you. Just because you fill comfortable with a particle monthly payment doesn’t mean you qualify for a mortgage with that same monthly amount.
My name is Susan Jacobs with Samson Properties in Gainesville, Virginia. Here to help you with all your real estate needs. If you are looking to buy a home please give me a call. I can be reached at 703-347-4418 or firstname.lastname@example.org.