FHA Loan

Professional Mortgage Corp. became an approved HUD correspondent  in 1994 and has closed hundreds of Virginia FHA loans since that time.

For purchase loans FHA will allow financing up to 96.5% of the lower of the sales price or appraised value.For a “no-cash” out refinance FHA will insure loans up to 97.75% of the homes value, including closing costs and pre-paid items. No cash means to proceeds are to be used for financing of a first mortgage lien, seasoned subordinate liens, closing costs and pre-paid items.

You may obtain a cash out refinance for up to 80% of the homes appraised value.  Cash out may be used for most any purpose such as debt consolidation, home improvement, major purchases etc.

Although FHA loans are an attractive option first-time homeowners, the programs are available for “move up” buyers. Loan limits vary by counties and metropolitan areas.  In the Richmond Metro area the maximum FHA loan amount is $535,900.

Call your FHA expert Tim Estes at Professional Mortgage Corp.  804 358-7929 Ext. 12 or email tim@pro-mortgage.com.

Professional Mortgage Corp. is locally owned and operated in Richmond, VA.