FHA: federally insured financing
FHA loans are made by private lenders and insured by the Federal Housing Administration. Eligibility depends on credit, income, the property, and program rules. FHA mortgage insurance adds to the loan’s costs.
Buying a home
FHA & VA Loans
FHA and VA loans serve different borrowers and have different rules. Understand the requirements and costs of each before deciding which path to explore.
Understand your options
How the options work.
VA: benefits for eligible borrowers
VA-backed loans are available to eligible Veterans, service members, and certain surviving spouses. A Certificate of Eligibility is part of the process. Credit, income, and occupancy requirements still apply; a COE is not a loan approval.
Prepare for the conversation
What to review together.
- Discuss your down payment, closing costs, and funds available after closing.
- For VA financing, confirm your entitlement and whether a funding fee applies or an exemption is available.
- Review the property’s intended use, condition, and appraisal requirements with your loan officer.
Common questions
A little more clarity.
General information can help you prepare. Your loan officer can explain the requirements for your particular property, finances, and program.
Are FHA loans only for first-time buyers?
No. FHA financing is not limited to first-time homebuyers. Borrower, occupancy, property, and other FHA and lender requirements must still be met.
Are FHA and VA loans intended for a primary residence?
These purchase programs generally require you to occupy the property as your home. Ask about permitted property types and the applicable occupancy rules before making an offer.
Does government backing guarantee approval?
No. The lender still reviews your application, finances, credit, property, and applicable program requirements. Government insurance or a guaranty protects the lender; it does not remove your repayment obligations.
Educational information only; not a rate quote, loan approval, or commitment to lend. Program availability, eligibility, rates, fees, and terms depend on underwriting, property, and state availability. Your situation may require different documentation or disclosures. East Coast Capital is not affiliated with or endorsed by HUD, FHA, VA, or another government agency. NMLS ID #1403.