Loan Options
FHA Loans
As Low as 3.5% Down Payment
If you want to purchase a home but do not have the funds for a large down payment, FHA may be the best option for you.
Federal Housing Administration (FHA) loans are federally-backed mortgages with lower down payments and have more flexible approval requirements than some conventional loans. With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant for down-payment assistance. In order to secure the guarantee of the FHA, homebuyers that qualify for an FHA loan are also required to purchase mortgage insurance, and premium payments are made to FHA.
*George Mason Mortgage is not endorsed by, sponsored by, or affiliated with any government agency or program.
Features of FHA Mortgages*:
- Low down payment options
- Less restrictive credit requirements
- No first time homebuyer restrictions
- Up to 6% seller paid closing costs
- Gift funds are allowed
- Purchase, Refinance, New Construction & Renovation options
- No income limits
- Higher debt-to-income ratio than other programs
- Single-Family & Condos, Primary Residence only
- Lower mortgage insurance premium than private mortgage insurance
Get Started on Your Journey Home
Knowledge Base
Virginia Housing Update
December 15, 2023
Virginia Housing offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an increase of Loan Limits, Virginia ...
FHFA Announces Conforming Loan Limits for 2024
November 28, 2023
Baseline Conforming Limit Will Increase to $766,550 FHFA Announces Conforming Loan Limits for 2024 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance ...
Federal Home Loan Bank (FHLB) of Atlanta provides Grants for Community Partners and First-Time Homebuyers
October 19, 2023
Opening Doors for More Homebuyers George Mason Mortgage understands that saving money for a down payment and closing costs is one of the most challenging ...
Rent prices out of this world?
August 1, 2023
At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable ...
Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0
July 11, 2023
Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that ...
Unlocking Opportunities with Gifts, Grants, and Affordable Seconds
July 6, 2023
GIFTS Take advantage of the generosity of your loved ones or community organizations! This allows you to receive financial assistance from eligible donors to use ...
Unlock the Home of Your Dreams
June 21, 2023
Building your dream home or transforming your current property into the perfect living space requires careful planning and the right financial support. At George Mason ...
Essential Checklist for First-Time Homebuyers
May 19, 2023
Essential Checklist for First-Time Buyers: Your Path to a Successful Mortgage Journey Buying your first home is an exciting milestone! To ensure a smooth and ...
DC Open Doors and the Maryland Mortgage Program
April 18, 2023
DC Open Doors and Maryland Mortgage Program Purchasing a home can be a daunting experience, especially if you’re a first-time homebuyer. One way to make ...
9 Tips To Help You Prepare to Purchase Your First Home
April 18, 2023
9 Tips to Help You Prepare to Purchase Your First Home Buying your first home is an exciting milestone in life, but it can also ...
Greenbelt Home Advantage
February 14, 2023
The Maryland Mortgage Program – Greenbelt Home Advantage Are you a renter in the City of Greenbelt? We are excited to share that if you ...
The Building and Financing Process
June 17, 2022
There are several important steps you should take to ensure a successful building and financing process.
One-Time Close Construction Loans
June 10, 2022
One-Time Close Construction Loan Program GMM’s One Time Close is available for New Construction and Renovation projects. This program offers you the benefit of ...
What Is A Mortgage Recast?
February 11, 2022
You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called ...
How Do Down Payment & Closing Cost Assistance Programs Work?
February 2, 2022
Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always ...
Home Inspections
September 29, 2021
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for ...
10 Homebuying Terms Everyone Should Know
September 13, 2021
Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of ...
What Is Commonly Negotiated When Buying A Home?
September 1, 2021
With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. ...
7 Ways to Stand Out as a Potential Homebuyer
August 30, 2021
With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, ...
5 Tips for Making an Offer on a Home
August 24, 2021
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red ...
Get Your Cash Back
August 7, 2021
Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and ...
The Lowdown on Down Payments & Mortgage Insurance
August 4, 2021
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR ...
9 Tips for Purchasing Your First Home
August 4, 2021
Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to ...
Home Improvement Projects with the Best ROI
July 28, 2021
Whether you've purchased a fixer-upper or are thinking about selling your home in the near future, it's important to determine which renovations or upgrades can ...