First Time Home Buyers in Virginia Seeking FHA Loans
Consumers in Virginia select FHA loans for first time home buying because of the flexible terms and great rates. We suggest that you check with your lender to see if you are eligible for Virginia down-payment assistance. First time home loans that are given to borrowers from lenders who are backed with by the FHA, and these loans have some benefits that make them very attractive to first time home buyers across the state of Virginia. Some benefits of FHA financing is easy down payment requirements, reasonable interest rates, the possibility of closing costs being covered, loans available to buyers with low or no credit, and FHA backed mortgage insurance.
FHA mortgages given in the state of Virginia allow first time home buyers to close on a home with a down payment of only 3.5% of the total amount of their loan, which is a significantly lower amount than what is typically found around the state using non FHA standard loans. This gives buyers the opportunity to close on a home without saving nearly as much money for a down payment than what is typically required, making it ideal for first time buyers who may not have a sum available from a previous home sale.
Also, FHA loans have competitive interest rates that are typically very affordable to those looking to buy a home, and when paired with the low down payment rates, a perfect scenario is created for a first time buyer. When looking to purchase a home through a FHA home loan in the state of Virginia, first time home buyers must be mindful of the FHA's home loan limits. These limits are amounts in which home prices may not exceed when looking to obtain a loan, and the FHA has varying limits put into place across all regions of the state. These limits are created based on the median housing prices found within each region, and they will fluctuate when comparing high income areas to low income areas.
In some lower income areas, such as the county of Accomack, the loan limit amount may be around $53,000 to cover the cost of the average home being purchased there. However, on the other side of the scale, loan limit rates in higher income areas such as Arlington County can be as high as $675,000. While these loan limits will vary greatly from county to county, they are based on average home sale prices within an area and will often cover the costs of many homes within a given region. When a first time home buyer is looking to apply for a FHA loan in the state of Virginia, it is always recommended that they research the loan limits in their desired regions.
Virginia House Buying Resources:
Downpayment Help First Time Home Buyer in Virginia
HUD Home Buying Help in Virginia
First Time Home Buying in Fairfax, VA