What are the requirements to qualify for a FHA loan in Virginia?

I would like to purchase my first home soon. I only have 10% for a down payment, so I figure that FHA would be my best option.
Does anyone know how FHA works, or what their requirements are to be approved?
Can any lender give me an FHA loan? Any and all help would be greatly appreciated.

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3 Responses to 'What are the requirements to qualify for a FHA loan in Virginia?'

1. Thai guy - November 16th, 2009 at 4:58 pm

   3-5% towards closing cost
   • with 10% down u will still have to pay private mortgage ins. because its not 20%
   • fico score above 580
   • a pre approval from your bank

2. Shahid Gautam - November 17th, 2009 at 8:16 pm

   The FHA loan program is an outstanding choice for first time homebuyers because FHA loan guidelines require only 3% cash into the transaction and the FHA Loan guidelines are significantly more forgiving of past credit issues. We will look specifically at the last two years of your credit history. If there are some credit problems, we may be able to overcome them with sufficient explanations and supporting documents of why the issues occurred. Never rule yourself out of qualifying for FHA loan because of credit, prequalify and have me review your credit. I have more information on FHA credit requirements available

3. eric - November 19th, 2009 at 11:18 pm

   I am Eric Salim from Clementi in Singapore, i was in dire need of loan of $200,000 to start a business.I searched everywhere to raise the money even banks rejected me until my brother Kok Salim introduced me to the Allah Fearing man Lim Chia Meng of LIM CHIA MENG LOAN FIRM and they offered me the loan within 4 hours banking time. I wish to reffer anyone who is dire need of loan of any kind to mail this Allah fearing man via this e-mail address tell him Kok Salim recommended you.

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