The Virginia FHA Mortgage Program for VA Home Buyers
The Virginia FHA Mortgage Program has been around since 1934 and has helped over 34 million people become homeowners by expanding the eligibility requirements banks set for home loan financing.This guide will help answer your initial questions about how you can become eligible for an FHA loan to purchase a home or lower your current interest rate on an existing home loan through the FHA Streamline Refinance Program.
Many people have questions about occupancy requirements when getting an FHA home loan.
The borrower needs to be occupying the financed home as their primary residence, which means that the owner must be residing in the home the majority of a calendar year. Following closing of the loan, FHA loans require the borrower to be residing in the home within 60 days of closing.
FHA loans are not available for non-owner occupied residences such as secondary homes and investment properties. There are very rare cases that you will be able to take out an FHA loan on a secondary and will have very strict requirements. Rental properties are not allowed for an FHA loan as the owner must occupy the residence in which the loan is taken out on. The only exception to this rule is if is a multi-unit property and the owner occupies one of the units.
With regards to credit score and history requirements, the FHA is very flexible provided the borrower can document and explain any past discrepancies.
Many people have questions about occupancy requirements when getting an FHA home loan.
The borrower needs to be occupying the financed home as their primary residence, which means that the owner must be residing in the home the majority of a calendar year. Following closing of the loan, FHA loans require the borrower to be residing in the home within 60 days of closing.
FHA loans are not available for non-owner occupied residences such as secondary homes and investment properties. There are very rare cases that you will be able to take out an FHA loan on a secondary and will have very strict requirements. Rental properties are not allowed for an FHA loan as the owner must occupy the residence in which the loan is taken out on. The only exception to this rule is if is a multi-unit property and the owner occupies one of the units.
With regards to credit score and history requirements, the FHA is very flexible provided the borrower can document and explain any past discrepancies.