FHA & VA Loans
An FHA Loan is a great option for first-time home buyers. Insured 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, which is lower than the typical requirement for a conventional loan. FHA Loans also allow for lower credit scores and allow sellers to pay more of the closing costs.
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 home ownership affordable for borrowers meeting the eligibility requirements. VA Loans offer no- and low-down payment options and do not require private mortgage insurance premiums. VA Loan rates and closing costs are typically comparable to, if not lower than, conventional loans as well. Check to see if you are eligible for a VA Loan.
To learn more, visit your nearest branch or call us at 703-684-1655 and ask to speak with a Mortgage Loan Officer.