Virginia Housing FHA Loan
Best For: First Time Homebuyers, Low Credit Scores, Easy Qualification
FHA program for Virginia residents with competitive interest rates and down payment assistance options.
Program Description
This 30-year fixed FHA program can be combined with the Virginia Housing Plus Second Mortgage or Down Payment Assistance Grant, which provide additional funds ranging from 0.5% to 5% of the purchase price or appraised value. The FHA option is often easier to qualify for than other first mortgage options, but has a significant funding fee and mortgage insurance rate.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
Virginia Housing FHA Loan
Min. Credit Score
620
Min. Down Payment
3.5%
Max Loan Amount
$330,000 - $665,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Assistance available, between 0.5% and 5% of price or value
- Available in all of Virginia
- Allows up to 50% DTI (Debt-to-Income)
- No first time homebuyer requirement
- Also available for manufactured homes
- Allows for credit scores as low as 620
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Income limits apply (vary by county of property)
- Purchase price and loan amount limits apply
- Only available for 1-unit primary residences
Program Availability
Virginia Housing FHA Loans are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“Virginia Housing makes purchasing property a little easier thanks to great programs—including forgivable grants and flexible second mortgages."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$330,000 - $665,000
Income Limit
$95,000 - $162,000
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- FHA loan program option from Virginia Housing with easier qualification
- Can be combined with Second Mortgage or Down Payment Assistance Grant
- Must be a first time homebuyer
Additional Conditions
- Eligible for combination with either the Virginia Housing Down Payment Assistance Grant or Plus Second Mortgage
- Buyer must live at the Virginia property for at least one year
- Property must meet FHA’s condition and safety requirements
- Can be combined with the Virginia Housing Mortgage Credit Certificate (MCC)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: Virginia Housing Homebuyer Education Course
Virginia Housing offers a variety of free homebuyer education options to help program participants prepare for the entire home buying process. They have online and in-person options and the course takes around 8 hours to complete. Other HUD Approved courses are also acceptable.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this Virginia Housing FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Virginia Housing Down Payment Grant - FHA
|Virginia Housing FHAVirginia Housing's Down Payment Assistance (DPA) grant provides qualified first time homebuyers with up to 2.5% of the purchase price or value.
Max. Loan Amount
$330,000 - $665,000
Min. Credit Score
620
Min. Down Payment:
0%
Virginia Housing Plus Second Mortgage FHA
|Virginia Housing FHAThe Virginia Housing Plus Second Mortgage can provide up to 5% in additional funds that can be used as down payment and/or closing cost assistance.
Max. Loan Amount
$330,000 - $665,000
Min. Credit Score
620
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Virginia Housing Mortgage Credit Certificate (MCC)
Virginia Housing's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce a borrower's federal income tax responsibility each year. It is equal to 10% of your annual mortgage interest, and the remaining 90% is tax-deductible. It is specifically for first time homebuyers and can be paired with many Virginia first mortgage and down payment assistance programs.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Virginia Housing VA Loan
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
VA program for Virginia first time homebuyers with competitive interest rates and up to 2% in forgivable closing cost assistance.
OHCS Flex Lending Conventional - Low Income
Best For: First Time Homebuyers, Large Down Payments, Low Credit Scores
Oregon Housing Conventional Loan for Low Income Oregon Residents that can be paired with OHSC's Flex Lending Down Payment Assistance (DPA).
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
FHA Purchase: The Bottom Line
Considering going FHA? Here’s the bottom line on the FHA Loan – What it is, how to get one, why should you get one, along with its most notable products, common criteria and an expert analysis from our experienced team.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
High Balance FHA Loans Explained
Explore high balance FHA loans: low down payment, relaxed credit guidelines, and higher loan limits in high-cost areas. Ideal for first-time homebuyers.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch