FHA Loans

Andy is a true professional. After having worked with several other mortgage bankers, I was introduced to Andy and it has been great. He's easy to work with and guides you through what works and doesn't. He cuts the nonsense out and gives the details clear. I recommend Andy Sikora to all my family and friend alike.

- Roshan H.

What is an FHA Loan?

FHA home loans are mortgage loans with flexible underwriting guidelines that are insured by the Federal Housing Authority and include provisions that make it easier for some homebuyers to qualify for a home loan.
Why consider an FHA loan? FHA loans offer low down payments, higher debt to income ratios for qualifying and require lower credit scores than conventional loans. We will help you determine if an FHA loan is right for you, and find the one that best matches your needs.

FHA Loan Benefits

Loans Approved with Higher Debt Ratios

FHA loans are designed to increase home ownership and allow buyers to qualify with higher debt levels than conventional loans offered by Fannie Mae or Freddie Mac.
You may hear the term Debt to Income Ratio when shopping for a mortgage loan. This is a measure of the minimum monthly payment for expenses like your credit cards, car loans and student loans compared to your gross monthly income. Depending on your credit scores and other factors, FHA loans may allow you to qualify with a debt to income ratio over 50%.

Down Payment Options

FHA loans also provide considerable flexibility when it comes to down payment options. Not only can you get a mortgage loan with only a 3.5% down payment, FHA programs also allow you to apply for grants to help you pay that amount. A grant is not the same as a loan and is not part of your mortgage loan. If you qualify for and receive a grant for your down payment, that money does not have to be repaid. We will help you figure out if you qualify for a grant and help you apply if you do. Another great feature of these home loans is that you can use money you receive as a gift as a down payment if you are not eligible for a grant.

Credit Scores

Every time you turn around you see advertisements or other information about knowing or improving your credit score. It is an important part of obtaining any loan, as it is considered a measure of how reliably you pay your debts.
Past credit problems do not mean you cannot qualify for a home loan. FHA loans are designed to allow homebuyers with credit scores as low as 580 to get a mortgage loan with only a 3.5% down payment. You might also be able to obtain a larger mortgage with an FHA loan due to their flexible debt ratio requirements.

Is an FHA Loan Right For You?

First Time Homebuyers

If you can make your monthly mortgage payments but are having trouble saving enough for a down payment, an FHA loan may be the right option for you. First time homebuyers may find that the flexibility of an FHA loan fits their needs in many ways. We will help you decide if an FHA loan is the right choice as you plan and prepare to purchase your first home.

Previous Homeowners

You can also qualify for an FHA loan if you have previously owned a home. The many different program options allow you to take advantage of benefits such as including a cosigner so you can qualify for a larger home, choosing adjustable rates mortgages with attractive early payment schedules, and many more. As we work together we will help you decide which options are most beneficial for your home purchase and your financial future.

Prior Foreclosure, Short Sale or Bankruptcy

If you have had a prior financial setback, you can be approved for an FHA loan sooner than a conventional loan. The waiting period before you can be approved after a foreclosure or a short sale is 3 years and 2 years after a bankruptcy discharge. If you can document circumstances beyond your control such as a serious medical condition or death of an income earner in the family, you may be able to qualify to buy a home after waiting for only one year. We will be happy to help you determine when you can qualify to buy a home.

Finding a Great FHA Program

As an independent mortgage broker, we have access to hundreds of programs through dozens of lenders throughout the country. We will work with you to find the best FHA loan program for your home buying needs. Before you commit to anything, we will show you how different choices affect your future net worth and your monthly budget. Choosing the right FHA loan program can help you can start your home buying process earlier while still allowing you to cover your other financial obligations.

We Work For and With You

We are your advocate throughout the home loan process. Our goals are to provide you with the lowest cost mortgage that meets your needs and get your loan closed on time. We’ve been working in Northern Virginia for a long time and we use our knowledge of the area and the market to make your home buying experience go as smoothly as possible.

What Do Our Clients Say?

Hundreds of happy clients have shared their experiences about our services. You can read them here and be confident knowing that we will provide you with the same level of service and professionalism throughout your home buying process.

Begin Your Home Buying Journey Now!

Call us now at 703.505.2999. We’re conveniently located in Reston, Virginia, and work with homebuyers throughout Fairfax County and anywhere in Virginia.