FHA & VA Loans
An FHA Loan is a great option for first-time home buyers. Backed by the Federal Housing Administration, FHA Loans offer more flexibility and broader terms than a conventional mortgage and make it easier for you to get into your first home. For example, an FHA Loan requires a minimum of 3.5% of the purchase price as a down payment, whereas a conventional loan would typically require 20% (without charging Private Mortgage Insurance). FHA Loans also provide different credit qualification criteria and allow you to include the closing costs and fees into the loan.
The Burke & Herbert Bank Conforming FHA Loan allows you to borrow up to $417,000 with a low down payment. The Burke & Herbert Bank High Balance FHA Loan allows you to borrow between $417,001 and $729,750. We offer both fixed and adjustable rate options and a variety of terms.
The Northern Virginia area has been the proud home to many veterans and active military personnel since the founding of our nation’s capital. And Burke & Herbert Bank has been serving them proudly for nearly as long as they’ve been serving us. Backed by the Department of Veterans Affairs, VA Loans offer exclusive benefits and financial assistance to veterans, survivors and current military personnel. VA Loans make first-time home ownership affordable by not requiring a down payment, nor requiring private mortgage insurance premiums. VA Loan rates and closing costs are typically comparable to, if not lower than, conventional loans as well. And there are no prepayment penalties.
Check to see if you are eligible for a VA Loan.
The Burke & Herbert Bank Conforming VA Loan allows you to borrow up to $417,000 with a low down payment. The Burke & Herbert Bank High Balance VA Loan allows you to borrow between $417,001 and $625,500. We offer both fixed and adjustable rate options and a variety of terms.
To learn more, stop by any branch or call us at 703-684-1655 and ask to speak with a Mortgage Specialist.