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FHA Loan

  • FHA Loan, Old Point National Bank

FHA Loan Program

The Federal Housing Administration (FHA) is an agency within the Department of Housing and Urban Development. FHA loans are designed to help low- to moderate-income creditworthy families by offering a mortgage with lower down payment requirements and less restrictive qualifying criteria.

Important Benefits of FHA Loans:

  • Only a 3.5% down payment is required
  • Down payment can be a gift or a loan to the borrower from an eligible source, such as a family member or a state housing agency program
  • Sellers may pay 6% toward closing costs, prepaids, buy downs, abatements, etc.
  • Cash reserves are not required (except for 3 and 4 unit properties)
  • Flexible guidelines for qualifying ratios
  • More lenient on credit blemishes
  • Non-occupying co-borrowers are allowed

Property Eligibility:

  • At least one borrower must occupy the property as a primary residence
  • Second homes aren't permitted. Investment properties are only eligible for streamline refinances without an appraisal

Contact one of our mortgage loan officers to get pre-qualified today!

Subject to credit approval. Other restrictions may apply. Loan programs may change at any time with or without notice. Not a commitment to lend.

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