Looking for an alternative to paying higher, current rates? This could benefit buyers with lower closing costs while saving money on the payment. Your alternative could be existing FHA and VA mortgages – they’re assumable at the note rate to owner-occupied buyers who qualify. For the last 20 years, rates have been steadily coming down […]
If you’re a veteran, I’d first like to take this opportunity to thank you for your service to our country. There are loan options available to you, and one of those is an IRRRL. You must be a Veteran with a current VA-backed home loan to qualify. IRRRL is an acronym for Interest Rate Reduction […]
Federal Housing Administration (FHA) loans can be confusing because the FHA does not make loans. It insures the loans made by lenders it has approved. So, if a lender defaults, the FHA covers the losses – not the lender.
One of the great benefits of an FHA insured loan is that it only requires a 3.5% down payment, making homeownership much more feasible for those potential buyers purchasing Fairfax VA Real Estate, who do not have the traditional 10%-20% down that conventional mortgages require.
