What are the requirements to qualify for a FHA loan in Virginia?

Posted by Admin on January 26th, 2012

Question by michelle: What are the requirements to qualify for a FHA loan in Virginia?
I would like to purchase my first home soon. I only have 10% for a down payment, so I figure that FHA would be my best option.
Does anyone know how FHA works, or what their requirements are to be approved?
Can any lender give me an FHA loan? Any and all help would be greatly appreciated.

Best answer:

Answer by Thai guy
3-5% towards closing cost
• with 10% down u will still have to pay private mortgage ins. because its not 20%
• fico score above 580
• a pre approval from your bank

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Posted in Business Tags: Loan...., qualify, requirements, Virginia

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One Response to “What are the requirements to qualify for a FHA loan in Virginia?”

1. Shahid Gautam says:

   January 26, 2012 at 9:32 am

   The FHA loan program is an outstanding choice for first time homebuyers because FHA loan guidelines require only 3% cash into the transaction and the FHA Loan guidelines are significantly more forgiving of past credit issues. We will look specifically at the last two years of your credit history. If there are some credit problems, we may be able to overcome them with sufficient explanations and supporting documents of why the issues occurred. Never rule yourself out of qualifying for FHA loan because of credit, prequalify and have me review your credit. I have more information on FHA credit requirements available