FHA Mortgages in Virginia

When you read the news about mortgages,or watch the news, you are told how difficult it is to get a mortgage these days.Times have changed. You can no longer state your income,even if it is not true, and get a mortgage. However, if you need to refinance or purchase a home, you can still get a high quality loan.An FHA loan is the perfect solution if your credit is good but not great, and the limits have changed so most peoples loan needs can now be satisfied.

FHA limits have recently increased. The amount of the increase of limits depends on the area you live in. Limits in Northern Virginia for example are mortgages direct higher than the limits in Norfolk. However the limits now should suffice to meet your needs. You can still get a mortgage at a very competitive rate, if your credit score is between 580 and 680 through FHA. If your credit score is higher than that, a conventional loan is likely a better choice.

The advantages of an FHA loan are that

a)you can get a 30 year fixed loan at a very good rate, and

b)you can have some glitches on your credit.

The disadvantages of an FHA loan are that a)you need to pay for mortgage insurance, and you must have a perfect 12 month recent history in making your mortgage payments.

It is more mortgages direct advantageous to use a mortgage broker that has a choice of various FHA lenders to provide your loan. This is because different lenders have different programs that meet different needs.Many brokers are not qualified to do any FHA loans and many are only qualified to deal with one FHA lender.

Joel Steinberg, of Alexandria, is a mortgage loan consultant affiliated with MortgagePrime in Vienna, Virginia. He has over 20 years experience dealing with obtaining mortgages for his clients. He is current with all the new programs, including. FHA, and Jumbo loans. He does business in Virginia, Maryland, Washington DC and West Virginia. mortgages direct He also assists people in getting placed with better loans as soon as possible after a Chapter 13 is discharged, or one year after the Chapter 13 started.He can be reached at 703 637-3746, or on his cell at 703 298-6198