FHA Loans
FHA Requirements
- FHA Loans require as little as 3.5% down payment compared to the 5%, 10% and even 20% conforming loan lenders require.
- FHA Loans require that your housing costs (mortgage payment, PMI insurance, home insurance and home owner’s fees, when applicable) account for no more than 29% of your gross monthly income.
- FHA Loans require FHA Mortgage Insurance which essentially protects lenders in case of a default by the borrower. This insurance is paid by the home owner for the first five years of the loan, in most cases.
- FHA Loans are only guaranteed up to a certain amount predetermined by the region in which the house is located. Currently, the maximum loan limit in most counties within the Hampton Roads area is $428,750.
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