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If you live in the Northern Virginia or Hampton Roads areas, you’re probably looking for ways to get a home loan. While it might feel like there are few Lenders offering Home Loans in these areas, the truth is that there are plenty of options available to you. The great thing about living in the area? You’ll find that most banks and mortgage companies offer loans in these areas as well. In this blog post, we’ll answer some of your most frequently asked questions about getting an easy home loan in Virginia.
What’s the easiest way to get a loan in Virginia?
When getting a loan in Virginia, you may want to consider going with a VA Loan. VA Loans are loans that are backed completely by the government. If you’ve served in the military, you may be eligible for a VA Loan. VA Loans are some of the easiest loans to get in Virginia.
Once you apply, you’ll likely be pre-approved within 24 hours. From there, you can jump right into the home buying process! If you’ve ever been turned down for a home loan, you may want to consider going with an FHA Loan. FHA Loans are another government-backed loan that’s designed for people with less than stellar credit. FHA Loans are a great option for first-time home buyers. FHA Loans are easier to get approved for than VA Loans, but you’ll have to pay a higher interest rate.
Should I use a Real Estate Agent to get a Loan in VA?
It depends on your situation, but using a Real Estate Agent to get a VA Loan is always an option. VA Loans are some of the easiest loans to get, so you likely won’t need to use a Real Estate Agent to help you get approved. However, if your credit score is low or you’ve had trouble getting approved in the past, a Real Estate Agent may be able to help.
If you’ve used a Real Estate Agent before, you may want to use them to get a VA Loan. While VA Loans are easy to get, they do come with several strict requirements. FHA Loans, on the other hand, are far more lenient. If you’re unsure what kind of loan to get, using a Real Estate Agent to walk you through the process can be helpful.
What is an easy mortgage in Virginia?
There are a few ways to define an “easy” loan. An easy loan is one that enables you to get into a home without making a ton of sacrifices. An easy mortgage in Virginia means that you’re going with a government-backed loan. VA Loans and FHA Loans offer a ton of advantages, including:
- Low down payments
- Credit requirements are less strict
- No prepayment penalties
- No cash out of pocket to close the loan
How do I know if I’ll be approved for an easy loan?
If you’re applying for an easy loan, your approval is likely guaranteed! If you’ve served in the military and you’re applying for a VA Loan, you’re guaranteed approval. If you’re applying for an FHA Loan, you can check your credit score to get an idea of how easy it will be to get approved.
If you’ve never gotten a loan before, you may want to check your credit score to get a baseline. Once you get your score, you can start looking into VA and FHA loans. If your credit score is under 600, you’ll want to apply for an FHA Loan. If your score is above that, you can apply for a VA Loan.
Are there any restrictions when getting an easy loan in VA?
While VA and FHA Loans are easy to get, they do come with some restrictions:
- VA Loan – Minimum credit score of 600
Can’t have a public record in the last three years
- FHA Loan – Minimum credit score of 500
No public records allowed
- Down payment of at least 3% of the home’s value
Getting an easy Virginia home loan is as easy as going to your lender and asking for a VA or FHA loan. VA Loans are some of the easiest loans to get, with low minimum credit scores, no public record background checks, and low down payments. FHA Loans are also easy to get, with a low minimum credit score requirement and a low down payment.