FHA mortgage loans are an excellent source of financing in the State of Virginia. FHA loans are a government insured loan that offer many unique benefits. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. FHA financing also allows gift funds as the down payment for purchase money transactions. Contact your mortgage professional at 1-800-999-2489 x7972 or via e-mail at mbyrne@gfhomeloans.com.Multi-Unit financing is available through FHA with a 3% down payment and up to a 6% seller concession. There is an asset requirement of 3 months mortgage payments in reserves after closing.
FHA Loan Limits in Virginia for single family homes vary by County. The range is from $200,160 to $362,790 for a single family home as of April, 2007. Consult your mortgage professional at 1-800-999-2489 x7972 or e-mailmbyrne@gfhomeloans.com for further details.
If you own a mobile home on a permanent foundation in the State of Virginia you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.
FHA will allow one to use 85% of rental income to assist in qualifying income for upto 4-unit buildings. This means that if each unit is renting for $1000, then with a 4 unit building and 3 units being rented out one can add $2550 additional monthly income with which to qualify.
FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
