Fairfax, Virginia (webnewswire) April 23, 2018 – The Fairfax Mortgage Brokers at Fairfax Mortgage Investments released a blog detailing Northern Virginia FHA loan requirements. The blog discusses the various Northern Virginia FHA loan requirements that a person must meet in order to apply. Requirements listed range from credit scores, minimum income and down-payments to specific debt-to-income ratios, mortgage insurance requirements and further detailed requirements. The FHA loan allows for people with less than stellar credit scores to apply for and be granted a loan. Applicants are given requirements that are mostly easier to meet than more rigidly structured loans, making it one of the most popular loans prospective homeowners apply for.
The blog introduces the basics behind what Northern Virginia FHA loans are and what general requirements they carry. Northern Virginia FHA loans are government insured loans that are intended to increase the availability of housing for less affluent US citizens. An applicant can use this loan to move closer to becoming a homeowner while not having to worry about high interest rates. In addition to low interest rates, FHA loans offer low down payments, sometimes as low as 3.5%. Northern Virginia FHA loans are easily obtainable, however it’s best to prepare first before meeting with a Fairfax Mortgage broker. There is a substantial amount of documentation required for your broker to review before they can issue a loan.
Though there are various requirements necessary, a Northern Virginia FHA loan doesn’t carry overwhelmingly restrictive requirements. First, a person must be a United States citizen and have a valid Social Security number, and have a record of work experience in which they have worked in the past two consecutive years for the same employer in the United States before applying for the loan. An applicant’s credit score also needs to be at least 500 in order to be considered for an FHA loan. Should the person have filed a bankruptcy, they must be at least two years out of the bankruptcy and also provide evidence that the reason for bankruptcy was out of their control and will not happen again.
Fairfax Mortgage Investments is an organization of Fairfax mortgage brokers that dedicate their efforts to issuing and approving loans their clients need to afford owning a home. It was founded in 1990 by Barron Rothenbuescher and has experienced considerable growth over the past 28 years. They offer a wide variety of loans, some of which other Fairfax mortgage brokers don’t provide, such as jumbo loans and bridge loans. Fairfax Mortgage Investments make themselves available to sit down with prospective homeowners and discuss different loan options that meet their budget and credit history. They also can also provide private credit rescoring consultation to a client should this be necessary for them to secure an FHA loan. For more information, visit their website at https://www.fairfaxmortgage.com/ or call 703-214-9842. You can also visit them at 3900 University Dr #300, Fairfax, VA 22030.