VA & FHA Mortgage Loans
You can buy your dream home sooner with a low or no down payment mortgage loan.
Benefits of our VA and FHA Loans in Virginia
Low to No Down Payment
Don’t wait for years to save money for a down payment. These options allow for a 3.5% or no down payment at all.
Flexible Credit Requirements
As a result of government support, we are able to extend loans to individuals who have less-than-perfect credit scores.
Seasoned Advice From Argent
Our mortgage professionals will guide you through the process and answer any questions you may have.
What You Need to Know About an FHA loan.
Saving up for a 20% down payment can take several years, and building up credit scores to the highest level can be challenging. However, with an FHA loan, you don’t need perfect finances for owning a home.
Here are the details:
- Federal Housing Administration (FHA) loans are a great option for first-time home buyers.
- Buy your home with a down payment as low as 3.5% of the purchase price.
- You can use gifted funds to pay for the down payment or closing costs.
- You can qualify even if your credit score is less-than-perfect.
- A co-applicant can also help with qualification, even if they won’t be living in the home.
- You may have to pay FHA Mortgage Insurance Premium (MIP) upfront and annually.
- Your new home must meet FHA appraisal guidelines.
- No reserve requirements for one-unit or two-unit properties.
Getting started is easy. Simply click the button below to start your FHA loan application.
What You Need to Know About a VA loan.
The unwavering dedication, commitment, and selflessness of the men and women who serve in the U.S. military are truly inspiring. We are honored to support these individuals and their families in finding a wonderful home.
That’s why we offer VA loans with no down payment, no mortgage insurance, and affordable rates to our military community in the Richmond area.
Here are the details:
- You can enjoy up to 100% financing.
- Get lower monthly payments by avoiding PMI (Private Mortgage Insurance).
- You can use gifted funds to pay for closing costs.
- No cash reserve requirements.
- Possibility to waive VA funding fees for veterans with service-related disabilities.
- Wide range of mortgage types and terms available.
- Eligibility extends to active duty, non-active duty, and retired military.
Don’t wait any longer to get your dream home. Take advantage of all the benefits you qualify for and start your VA loan application by clicking the button below.
Our FHA & VA Mortgage Application Process Is Simple and Secure!
Get your documents ready then enter your details into our user-friendly online portal.
A mortgage loan officer will contact you by the next business day and check that you’re eligible for the FHA or VA mortgage.
Enjoy Your Low Rates!
Once approved, we’ll confirm the details of your loan and you’ll begin making payments on your new home loan.
“Stress-free mortgage experience.”
– Diane M.Y.
“Seriously, Argent is the best bank I’ve ever been with. Thank you guys for being consistent, friendly, timely and helpful!”
– Morgan-Taylor M., Chester, VA
“Love this credit union. Always loyal to their customers and have earned my business for life. Always take care of those who take care of you!!”
– Brian W., Chester, VA
FAQs About FHA & VA Loans, Virginia
Do veterans need a Certificate of Eligibility for a VA loan?
Yes, veterans must obtain a Certificate of Eligibility, also called COE, to be eligible for a VA loan. The COE is issued by the Department of Veterans Affairs (VA) and verifies a service member’s eligibility for the VA loan program.
You can obtain a COE through the Department of Veteran Affairs. Your VA lender may also assist you during the process to help you obtain the document.
What is the FHA home appraisal?
An FHA home appraisal is an assessment of the value and condition of a property that is required when applying for an FHA-insured loan. An FHA-approved appraiser will conduct the appraisal and it’s designed to ensure the property meets certain health, safety, and livability standards.
During the appraisal, the appraiser will inspect the property both inside and out, looking for any obvious signs of damage, wear and tear, or necessary repairs.
The appraiser will then use this information to determine the property’s appraised value, which is the estimated fair market value of the property. The appraised value is used by the FHA lender to determine the loan-to-value ratio (LTV) for the FHA loan, which is the amount of the loan compared to the appraised value of the property.
What rates will I get for my VA or FHA loan?
The interest rate and annual percentage rate (APR*) you get will be based on your credit score. The higher your score, the lower your mortgage rates.
Sometimes the interest rate and APR are the same. When the APR is higher than the interest rate, it means it includes certain fees rolled into the one convenient figure.
It’s a good idea to get your credit into the best shape possible before you apply for any type of home loan.
Can I refinance a VA or FHA loan at a later date?
Yes, you can usually refinance your FHA and VA mortgage after about six months – but it’s better to wait longer so you have a chance to build up equity, improve your credit through regular payments, and possibly qualify for a lower rate due to shifts in the market.
Here’s why you might consider a mortgage refinance in the future:
- You’re struggling to make your payments, so you want to switch to a longer term for a lower monthly payment.
- Market interest rates have dropped, and you want to secure a lower APR.
What information and documents do I need to give Argent when I apply for my FHA or VA mortgage?
When applying for your FHA or VA home loan, you’ll need to provide an Argent loan officer with the following:
- Driver’s license or DMV-issued ID
- Social Security number
- Proof of your physical address (not your mailing address, if it’s different)
- Tax returns
- Pay stubs, W-2s, and any other proof of income
- Bank statements and evidence of any other assets
- Gift letters if someone is helping you with your down payment
- Evidence of your rental history or previous homeownership
Argent will access your credit history by requesting a credit report.
Also, when submitting your VA loan application, you’ll need to show us your Certificate of Eligibility (COE).
Do I need to become a member at Argent to get a VA or FHA loan?
Yes, you do need to become a member – and we can help you join as part of your home loan application.
Membership eligibility is open to individuals living, working, attending school, worshiping or volunteering in the following counties:
- The city of Richmond
Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a U.S. citizen or resident alien.
Why join Argent?
When you join Argent, you’re joining a member-owned not-for-profit organization with a board of directors who are elected by their fellow credit union members.
We are not obligated to outside stockholders, so all of our profits go right back to our members in the form of no, or lower fees, lower interest rates, and higher dividends.
Additional benefits include free notary services, scholarships, as well as other great perks.