FHA & VA Mortgages
Make your dreams of homeownership a reality
RBFCU and our affiliate company, Domain Mortgage, know that the homebuying process might seem overwhelming, especially for first-timers. If you're looking for a more affordable path to homeownership and navigating some of the traditional buyer's hurdles — like down payment requirements — our affiliate company, Domain Mortgage, has options to help you find the mortgage loan you need.
An FHA loan is a mortgage loan insured by the Federal Housing Administration. A VA loan is designed for military members, veterans and surviving spouses, and is guaranteed by the Veterans Affairs Department. These loans provide buyers, including first-time homebuyers, with additional lending options.
To speak with a Loan Officer about FHA and VA loans, call Domain Mortgage at 1-833-552-7759.
FHA loans and VA loans are offered through RB Mortgage LLC dba Domain Mortgage NMLS# 862516.
Is there anything I should know before considering an FHA or VA mortgage loan?
- Lending and down payment requirements are more flexible with FHA loans. You will be required to purchase mortgage insurance premium (MIP) when you finalize your loan and pay premiums as part of your monthly payments.
- VA loans have a funding fee that you can roll into the total loan costs or pay separately. Disabled veterans are eligible for exemption from this funding fee.
- With FHA and VA loans, you have options regarding how you pay your closing costs. For example, the seller can cover up to 6 percent of the total purchase price in closing costs, or the buyer can receive all or a portion of your closing costs as a gift.
Which mortgage loan fits my needs — an FHA or a VA loan?
FHA loan
VA loan
FHA loan
- First-time homebuyer
- Seeking a loan option with a lower down payment
- Seeking to use gift funds as a down payment
- Concerned about debt-to-income ratio
VA loan
- Service member, veteran, surviving spouse
- Would like to secure a loan without a down payment requirement
- Concerned about debt-to-income ratio
FHA loan
Available down payment option as low as 3.5 percent of the purchase price
VA loan
Up to 100 percent financing with no down payment for qualified veterans, active-duty personnel, reservists and eligible family members
FHA loan
Seller can pay up to 6 percent of the closing costs, and closing costs can come from gifts
VA loan
Seller can pay up to 6 percent of the closing costs, and closing costs can come from gifts
What do I need to apply for an FHA or VA loans?
- The amount you would like to borrow and monthly payments you are comfortable paying
- The number of years you want to finance your loan (term length)
- Your current employment and income information
- Your phone number and email
- Information for joint borrowers you plan to include on the mortgage loan (including date of birth, address, income and employment, Social Security number and contact information)
- A Certificate of Eligibility from the VA if applying for a VA loan. You can access this by logging in to the VA portal or asking your loan officer for assistance.
-
How much home can I afford?
-
Should I rent or buy?
-
Which mortgage loan is a better fit for me?
-
How much will my mortgage payments be?
-
What is the difference between a conventional mortgage and an FHA mortgage?
FHA and Conventional mortgages each have their advantages; however, their qualification requirements differ. Conventional loans typically follow conservative guidelines for credit scores, minimum down payments and debt-to-income ratios. FHA loans are insured by the U.S. Department of Housing and Urban Development (HUD). These types of loans are ideal for first-time homebuyers seeking a loan with lower down payments. FHA loans also provide homebuying opportunities for individuals with higher debt-to-income ratios. A mortgage loan officer can help you decide which option is best for you. For more information, visit the RBFCU Mortgage Purchase page.
-
What is an FHA mortgage?
Administrated by the Federal Housing Administration (FHA), a U.S. government agency, an FHA mortgage is designed to provide low down-payment financing. It is a great option to consider if you are trying to finance a home with as little cash down as possible. FHA loans provide homebuying opportunities for individuals with higher debt-to-income ratios.
-
Can I refinance an FHA loan to a conventional loan?
Yes, our Mortgage Lending Specialists can help you determine whether a move to a conventional loan might be advantageous to you.
-
What is a VA mortgage?
Administrated by the U.S. Department of Veterans Affairs (VA), a VA loan allows qualified service members, veterans and surviving spouses the opportunity to purchase a home with special financing options.
-
How do I obtain a Certificate of Eligibility (COE) to apply for a VA loan?
Fill out VA Form 26-1880 (you can get the form here). You can also contact the VA or ask one of our Domain Mortgage Representatives to provide the form to you.
Still have mortgage questions?
Loans subject to credit approval. Rates and terms subject to change without notice. Mortgage loans are available only on property in Texas. Origination fees may apply. RBFCU NMLS# 583215. FHA/VA loans offered through RB Mortgage LLC dba Domain Mortgage (NMLS# 862516). RB Mortgage LLC dba Domain Mortgage is principally owned by RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union.
Federally Insured by NCUA. Equal Housing Lender.
