FHA Loans in Blacksburg VA | FHA Mortgage Loan Expert in Virginia

If you want to buy a home but don’t have 20% down or perfect credit. No worries!!

With a credit score of 580 or higher and just a 3.5% down payment, you can buy a primary residence with an FHA mortgage with a low 30-year fixed rate loan. With lower credit score and down payment requirement, FHA mortgages have some of the easiest qualification requirements allowing more home buyers to qualify for an FHA loan.

What is an FHA Loan?

An FHA loan is a mortgage which the Federal Housing Administration (FHA) insures. Established in 1934 during the Great Depression, FHA is a government agency that provides mortgage insurance that backs the loan in case of default. This allows lenders to offer loans with lower down payment and credit requirements at very competitive rates, often lower than conventional loans. First-time homebuyers and move-up buyers frequently turn to FHA loans for their financing needs. These loans are offered to returning homebuyers too. FHA charges an upfront mortgage insurance premium and a monthly mortgage insurance fee, this is used to insure all FHA loans for any loss resulting from a foreclosure. Think of FHA as a huge insurance company for all FHA mortgages insuring the loans against loss from foreclosure. With many of these mortgages being outside of the guidelines for a conventional loan or other types of government-insured mortgages, this opens the door to homeownership for many buyers that wouldn’t qualify for other loan types.

Benefits of an FHA Loan in Virginia

3.5% Down Payment.

Less restrictive credit requirements.

The seller can pay closing costs up to 6% of the sales price, which is more than enough to cover all closing costs.

Outstanding interest rates, 15 or 30-year fixed, many times lower than a conventional loan rate.

Gift funds allowed for down payment.

FHA loans are assumable.

No Income limits.

Allows higher debt to Income ratio vs. conventional loan.

Non-occupying co-signers allowed.

Are You Eligible for a Virginia FHA Loan?

To qualify for an FHA loan, you need to meet a few basic requirements:

3.5% Down Payment.

580 or higher credit score

Debt to income ratio of 43% or less, in some cases DTI can be 57%.

Steady employment for at least the past two years.

FHA loans are available for primary residences only, not second homes, or rental properties.

Bankruptcy must be discharged at least two years; some exceptions apply for 1 year from the discharge date.

3 years since a foreclosure.

It is not too hard for most customers to qualify for the FHA loan program. It was designed with flexibility in mind so that even first-time homebuyers with limited credit, employment histories and financial means for a down payment can purchase a home.

First Residential Mortgage Corporation is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

Jason H.

Highly recommend. Excellent rates and reasonable fees, quick responses to questions, helped overcome a couple small complications, overall a very smooth process.

Joe S.

I cannot say enough positive things about Josh Rowland and his wife Jessica. My family and I went through one of the most stressful and chaotic events all in the middle of trying to purchase a home 700 miles away. They not only were professional at every step, but compassionate at every step as well. They fought for us with their diligence and resolve. I am forever grateful for their work, help, and friendship. 100% RECCOMEND. God bless their future endeavors!

Christi S.

Absolutely wonderful experience. Ryan Hall (and team) have gone above and beyond at every point. He's responded quickly, explained clearly, and even managed to get us pre-approved when a competing lender couldn't. Ryan is easy to talk to and a joy to work with. Definitely will recommend this office any chance I get.

Mo R.

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Katherine P.

We worked with Brian Hall to get our mortgage and it was beyond my expectations! We originally had gotten a preapproval amount and interest rate quote from another lender; our realtor Brian Mchone had recommended First Residential Mortgage to us, but I didn't think we would get a lower interest offer. Ryan reached out to me with an interest offer a whole percent lower than we were quoted from the other company! That difference was enough that when we found our dream home, we were able to get our offer in and keep our monthly payment within our budget! A LOT of paperwork was required to be submitted, but it was well worth it! Ryan was available every step of the way if I had questions or clarifications. He and my realtor communicated flawlessly and the whole experience felt well handled. We were able to submit all of this online and it was very easy to use the online submissions. My husband is a veteran and we used the VA Home Loan, Ryan was well versed in working with the VA Home Loan service. All and all, I can not say enough good things about First Residential Mortgage and Ryan Hall made the stressful experience of buying a home a much easier one!

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My husband and I worked with Ryan on securing a mortgage as we bought our first home. Ryan was helpful and would answer our questions promptly and used videos and screen sharing to make sure everything was clear. We had shopped around at a few different mortgage and First Residential Mortgage offered the best rate to us. I would definitely recommend using First Residential Mortgage.

Brandon T.

Ryan and the folks at First Residential Mortgage made the process of refinancing our home seamless and quick. Took less than 30 days from the time someone recommended me to Ryan’s team to closing. The application process was easy, Ryan looked out for us all along the way and got us a great interest rate, and we were able to pay off a $30k car while maintaining almost the exact same monthly mortgage payment we had been making previously. Can’t say enough good things about them!

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Tommy B.

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John B.

Ryan was very professional, yet very responsive to our questions as we moved forward through the process of signing documents. Ryan makes these video where he explains what is happening and what to expect that made it easy the home loan understand. Ryan's insight on how to approach the sellers with our offer and make it more attractive were invaluable. I highly recommend Ryan for all Veterans and others seeking a loan professional's help. You won't be disappointed. Thanks again Ryan.

Barrett I.

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The folks at First Residential are exactly what you're looking for. They are professional, patient, fast, and thorough on every front. It felt like I had good friends walking me through the process, who always had time to answer any questions I had, fight for good rates for me, and to be excited for my family. I HIGHLY recommend you use them. I know I will be for every mortgage need I ever have again.

Payne B.

I purchased a duplex investment property with the help of First Residential Mortgage. The process was quick and easy and if I had any questions the team in Blacksburg was quick to help. When I was searching for the best interest rate Ryan was by far the lowest even in a very competitive/busy market. I will be using First Residential Mortgage again on future investment properties as well as personal residence. I highly recommend giving them a call!

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Mark C.

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El A.

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