Background image for Tidewater Home Funding 41552

FHA Loan Programs

Offering a low down payment and flexible guidelines, an FHA loan can be a great option for first-time homebuyers.

Virginia FHA Home Loan Company

An FHA mortgage loan is insured by the Federal Housing Administration (FHA), operating under the U.S. Department of Housing and Urban Development. The FHA loan program can be used for the purpose of purchasing, refinancing, or renovating a property. Unlike other loan programs, gift funds can contribute to the down payment. Tidewater Home Funding has approved delegated underwriting authority with FHA.

 

APPLY TODAY
Random Image

Advantages of FHA Loans

FHA-insured mortgages can help more people enter the homebuying market. Some benefits an FHA mortgage loan program offers includes:

 

  • Easier to qualify for than other mortgage loan programs because an FHA loan is backed by the Federal Government
  • FHA-insured mortgages require a lower down payment and gifts can contribute to the down payment funds
  • Offering more flexibility, those with lower credit may have an easier time qualifying
  • FHA loan programs typically have better interest rates than most traditional mortgage loans
  • Designed to keep homeowners in their homes, the FHA offers various programs to help homeowners during difficult times to keep your home from falling into foreclosure
LEARN MORE

Easy-to-Use Mortgage Calculators

Estimate your monthly mortgage payment, easily*

CALCULATORS
Random Image

What are FHA Loan Requirements?

  • Property must be your primary residence
  • Employment status of at least 2 years
  • Steady, or increasing, income over a 2-year period
  • History of on-time payments with no more than 2 missed payments on your credit
  • Minimum down payment paid of 3.5%
  • Only certain properties are eligible including single-family homes, condominiums, double-wide manufactured homes, modular homes, and 2-4 unit properties 
  • If you've filed bankruptcy, you must wait at least 2 years and have good credit since filing
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure
LEARN MORE

Start Your Loan Application, Today

Begin your path towards homeownership with our online loan application.

APPLICATION

Common Homebuying Questions

This is the process of determining whether a borrower has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.

For a pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter. A pre-approval includes all the steps of a full approval, except for the appraisal and title search. 

A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.

It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.

A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.

A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.

It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.

Background image for Tidewater Home Funding 41552
Background image for Tidewater Home Funding 41552

Your Experience is Our Priority


Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.

Background image for Tidewater Home Funding 41552

Contact Our Team

Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.


Uh Oh!

Something went wrong. Please refresh the page and try again or call us at 757-366-8690


PRIVACY POLICY

 

*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and can vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.

 

These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.