RVA-FPCU offers a wide variety of mortgage products to fit individual member needs.
Conventional Loan Program
Borrowers who have good credit have many options when it comes to getting a mortgage. The Conventional Loan Program is ideal for homebuyers who have good credit and the ability to put at least 20% toward the down payment to avoid mortgage insurance (MI). If a homebuyer is unable to put 20% down, conventional loans will allow for lower down payments with the addition of MI.
FHA Loan Program
The Federal Housing Administration (FHA) is an agency within the Department of Housing and Urban Development. FHA loans are designed to help low- to moderate-income creditworthy families by offering a mortgage with lower down payment requirements and less restrictive qualifying criteria.
USDA Loan Program
The Rural Housing Loan is a federal program by the United States Department of Agriculture (USDA) that’s used to help low- to moderate-income borrowers purchase homes in rural areas. This home loan allows borrowers to obtain mortgage financing up to 100% of a home’s value, including closing costs. The USDA insures the loan in case borrowers default on their payments, allowing lenders the ability to offer this loan to borrowers that may not otherwise qualify for a home loan.
VA Loan Program
The VA loan is a mortgage loan program, available to active and retired military, reservists, and surviving spouses, that’s guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans offer 100% financing with flexible qualifying criteria and favorable loan terms.
VHDA Loan Program
Virginia Housing Development Authority (VHDA) was established in 1972 to help Virginians attain quality, affordable housing. They primarily serve low- to moderate-income first-time homebuyers by providing homeowner education and 100% financing options.
The Virginia Housing Development Authority (VHDA) Down Payment Assistance Grant offers assistance to first-time homebuyers in Virginia. Qualified first-time homebuyers may receive a percentage of the purchase price to help with the down payment. This grant may be used with eligible VHDA loans only and may not be used in combination with other down payment assistance resources (including FHA Plus).
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