FHA loans are insured by the Federal Housing Administration (FHA) and are an ideal option for first-time homebuyers seeking a low down payment. This type of home loan is popular among first-time buyers with little savings or for those who are still working on boosting their credit scores.
Take advantage of our fixed or adjustable-rate mortgages (ARMs) with a 1st Advantage Federal Credit Union FHA Loan.
We want to see you succeed, so our FHA loans include:
Contact our friendly mortgage professionals at 757-877-2444 when you're ready to discuss your home loan options.
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FHA Loan Payment Calculator
Your home is likely your biggest monthly expense, and knowing all costs involved in your monthly mortgage payment will help you create a good budgeting strategy. Use our interactive mortgage payment calculator to see how much your monthly mortgage payments will be.
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FHA Loan Resources
Buying your first home is one of the most exciting, yet intimidating life events you’ll encounter. There are high expectations and excitement that’s met with paperwork and stress. It’s easy to get overwhelmed during this time, so we've compiled several resources and tips to answer any questions you may have.
FHA Loans Frequently Asked Questions
How do I know if I qualify for an FHA loan?
To qualify for an FHA loan, you'll need to satisfy several requirements. The FHA’s minimum requirements include:
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A DTI of less than 50, which means that your total monthly debt payments can't be more than 50% of your pretax income
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An appraisal to ensure that the home you want to buy is a good investment and meets basic safety and livability standards
What documents are needed to apply for an FHA Loan?
The documents necessary include but are not limited to:
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A valid Social Security number
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Proof of U.S. citizenship, legal permanent residency or eligibility to work in the U.S.
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Bank statements for, at a minimum, the last 30 days and documentation for any deposits made during this time
Why should I apply for an FHA Loan?
There are many advantages to an FHA Loan if you meet the minimum requirements. These include lower minimum credit scores than conventional loans, down payments as low as 3.5%, and debt-to-income ratios as high as 50% allowed.
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Choose 1st Advantage FCU For Your First Mortgage Needs
Whether you're buying your first home, making the next move or simply refinancing an existing mortgage, our award-winning mortgage professionals will help find the right mortgage option to best meet your financial goals.
We offer a full range of mortgage options along with a fast, convenient application process, and a quick closing.
When you're ready to discuss your home loan options, our friendly mortgage professionals are ready to help. They'll walk you through the process and help you find the perfect mortgage solution to fit your needs. Give us a call at 757-877-2444.
Apply Now