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.
