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Mortgage Resource Center


A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.

A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank or credit union, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.

it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed.

The U.S. Department of Housing and Urban Development (HUD) offers a comprehensive gloassary of mortgage lending terms. CLICK HERE to access this handy reference.


Links to lender resources
Virginia Mortgage Checklist
VAR's Short Sales & Loss Mitigation Resource Center


Specific solutions offerings vary by institutional lender. Additionally, many lenders have in-house and other additional mortgage solutions to meet specific customer needs. We encourage you to directly contact organizations in your region for more information. The following links lead you to more specific information on the structure of each product, plus documentation and underwriting requirements. Prospective borrowers should contact a professional to find the best product for their specific situation.


Freddie Mac

Freddie Mac was chartered by Congress in 1970 with a public mission to stabilize the nation's residential mortgage markets and expand opportunities for homeownership and affordable rental housing. Freddie Mac's statutory mission is to provide liquidity, stability and affordability to the U.S. housing market.

Fannie Mae

Fannie Mae exists to serve America’s families and the housing market – and we’ve done so for more than 70 years. Fannie Mae's mission is to ensure that working families have access to mortgage credit to buy homes they can afford over the long term or that they can secure quality rental housing.


Federal Housing Administration

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.



VHDA is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality, affordable housing. VHDA provides mortgages, primarily for first-time homebuyers and developers of quality rental housing. We use no state taxpayer dollars, but raise money in the capital markets to fund our loans. We also teach free homeownership classes, and help people with disabilities and the elderly make their homes more livable. VHDA works with lenders, developers, local governments, community service organizations and others to help put quality housing within the reach of every Virginian.


Veteran's Administration

The VA application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application or for VA to review the appraisal.


The Virginia Association of REALTORS®, in conjunction with the Virginia Mortgage Lenders Association, has created for consumers a helpful checklist you can print and use to begin gathering much of the initial paperwork that is typically required by most lenders to process a loan application. Documentation requirements will vary based on lender and loan type. Work with your local lender on your financing options.

Mortgage Checklist image
  • Identification
  • Social security card
  • Complete list of addresses
  • Evidence of mortgage/rental payments
  • Names and addresses of landlords
  • Names and addresses of employers
  • Information on current loans
  • Pay stubs
  • Tax returns
  • Summary of outstanding debts
  • Explanation of credit inquiries
  • If applicable, a divorce decree
  • More

CLICK HERE to download a .pdf of the Virginia Mortgage Checklist

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