What types of mortgages are available?

In Virginia, you have a variety of mortgage options so that you can find the best fit for your needs. One type of mortgage that is available in Virginia is the conventional mortgage. This mortgage requires a minimum down payment of 20%, does not require private mortgage insurance, and offers fixed and adjustable interest rates. Another type of mortgage offered in Virginia is the Federal Housing Administration (FHA) loan. This loan is insured by the federal government and usually requires a lower down payment than a conventional mortgage. FHA loans require private mortgage insurance and offer both fixed and adjustable interest rates. VA loans are also available for those who are eligible. These loans are backed by the U.S. Department of Veterans Affairs and usually require no down payment. Like FHA loans, VA loans require private mortgage insurance but only offer fixed interest rates. Lastly, a mortgage for those with less-than-perfect credit may be available. This type of mortgage may be helpful for those who have had credit problems in the past and may require a higher down payment. No matter what type of mortgage you decide on, be sure to shop around and compare rates and fees to make sure you get the best deal. It is also important to take into account closing costs and other fees associated with the loan so that you have an accurate picture of the total cost of your mortgage.

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What types of mortgages are available?

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