FHA & VA Mortgages
Make your dreams of homeownership a reality
We know 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 — RBFCU 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 to the Mortgage Department, call 210-945-3300, select option 3, then option 2.
Why choose an FHA or VA loan
- You can buy a home without a big down payment
- 0% of the purchase price for VA loans (for eligible veterans)
- 3.5% of the purchase price for FHA loans
- Down payment and closing costs can be a gift, saving you out-of-pocket expenses
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% of the purchase price
VA loan
Up to 100% financing with no down payment for qualified veterans, active-duty personnel, reservists and eligible family members
FHA loan
Seller can pay up to 6% of the closing costs, and closing costs can come from gifts
VA loan
Seller can pay up to 6% of the closing costs, and closing costs can come from gifts
Why choose an FHA or VA loan
- You can buy a home without a big down payment
- 0% of the purchase price for VA loans (for eligible veterans)
- 3.5% of the purchase price for FHA loans
- Down payment and closing costs can be a gift, saving you out-of-pocket expenses
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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.
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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.
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Can I refinance an FHA loan to a conventional loan?
Yes, our Mortgage Lending Representatives can help you determine whether a move to a conventional loan might be advantageous to you.
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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.
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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 Mortgage Lending 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 available only on property in Texas. Restrictions may apply. NMLS# 583215.
