If you live in the birthplace of the nation, you know Americans like saving a little extra money. Unfortunately, when it comes to purchasing a new home, your bank account can take a toll when paying a down payment.
Luckily, an FHA loan is an option many first-time homebuyers are using to avoid high down payments and work with not-so-perfect credit scores. Continue reading to see if an FHA loan in Virginia is right for you.
The overall cost of living in Virginia is well above the national average, making it important for residents of this historic state to save money where they can. An FHA loan is a great way to do that, and as of April 2019, the total value of FHA loans in Virginia was over $355 million! So whether you are looking to be in Richmond, Virginia Beach, or maybe Arlington, an FHA loan may be the best mortgage option when it comes to buying a home.
Generally speaking, in most of Virginia the baseline FHA loan limit of $472,030 applies, but in a place like Charlottesville, the limit balloons to $507,150 and the limit in the Washington D.C. area is even higher at $1,089,300. These numbers are adjusted annually, and vary due to the cost of living in each area. Use the link below to find the full list of Virginia FHA loan limits in 2023.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.