A Conventional mortgage loan is not insured by the government unlike a FHA, VA or USDA loan and typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Most Conventional loan programs allow you to purchase, refinance or renovate single-family homes, warrantable condos, planned unit developments (PUD), and 1-4 family residences. It can also be used to finance a primary residence, second home or investment property. The most common Conventional mortgage loans are fixed rate mortgages and adjustable-rate mortgage loans.

An FHA mortgage loan is insured by the Federal Housing Administration (FHA), operating under the U.S. Department of Housing and Urban Development. The FHA loan program can be used for the purpose of purchasing, refinancing, or renovating a property. Unlike other loan programs, gift funds can contribute to the down payment. Tidewater Home Funding has approved delegated underwriting authority with FHA.

Military service members and Veterans have unique mortgage needs. A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) and is available to most U.S. service members. Already have a VA loan? Contact our team – you may be eligible for a VA Streamline Refinance. Tidewater Home Funding has approved delegated underwriting authority with VA.

No Down Payment Required. The USDA program allows buyers to purchase homes for 100% of the appraised value of the property. The difference between appraisal and purchase price are to be used toward closing costs.

No Monthly Mortgage Insurance. The USDA program does not have high cost monthly mortgage insurance for borrowing 100%. Instead, USDA charges a “Guarantee Fee” of 3.5% of the loan amount, which can be added back into your loan amount.

Competitive 30-Yr Fixed rates. The USDA program is a 30-yr fixed rate program. Payments are PITI (principal, interest, taxes and insurance) and are very competitive with the current market.

Flexible Credit Guidelines. USDA takes very seriously the home-buying initiative. There is no minimum credit score for the program; however, there is a flexible credit criteria.

Homebuyer Eligibility. This is not just a program for first-time homebuyers. It is for anyone purchasing a primary residence when the property qualifies and income level is eligible. USDA also allows you to own another property and use this purchase program.

Refinancing Available. Refinance USDA loans to USDA loans at 30 year-fixed rate loans.

Other financing alternatives are available.

*Requirements include, but are not limited to: Household income must not exceed the adjusted income limit for the area. Must be a citizen, permanent resident, or qualified alien.

A FHA 203(K) renovation loan is a government loan program backed by the Federal Housing Administration (FHA) and are offered in 2 different loan types to best fit your renovation needs including the Standard 203(K) loan and the Limited 203(K) loan.

A Standard 203(K) loan is intended for homes needing major renovations, structural repairs or other changes exceeding $35,000 versus a Limited 203(K) loan is intended for simple, non-structural repairs and renovations up to $35,000.

The Fannie Mae HomeStyle® renovation loan can be used for a primary or secondary home or investment property. It allows for the financing of basic renovations and luxury items including swimming pools, detached garages and gazebos.

The Freddie Mac CHOICERenovation loan can also be used for the financing of basic renovations and luxury items including swimming pools, detached garages and gazebos. Pool projects consisting of only pool installation, decking and/or any fencing or netting immediately surrounding the pool may be eligible for reduced documentation.

A Jumbo mortgage loan is for loan amounts above the conforming loan limit and is not eligible to be purchased, securitized, or guaranteed by Fannie Mae or Freddie Mac. Jumbo loan programs are generally offered as 15-year and 30-year Fixed-Rate Mortgages or as competitive Adjustable-Rate Mortgage (ARM) loan products with full documentation, alternate documentation, and limited documentation. 

A Reverse mortgage loan is insured by the Federal Housing Administration (FHA) and is part of the Home Equity Conversion Mortgage (HECM) program. A Reverse mortgage is only available to homeowners who have built up considerable home equity are 62+ years old. Proceeds of the loan may be taken in monthly payments, a lump sum, left on a line of credit or a combination of these methods. If you remain in your home, you are not required to make monthly payments on a reverse mortgage. Taxes, insurance, homeowner association dues, and other assessments must be kept current by the homeowner, but nothing is due on the reverse mortgage until the last borrower permanently leaves the home. 

VHDA offers a variety of home loan options designed to meet the needs of Virginia's homebuyers.