By the end of this guide you will know how to move from a first credit check to closing on a Short Pump FHA loan in Henrico County, with real payment math and a plan for down payment help. Before you start, gather two years of W-2s or tax returns, 30 days of pay stubs, two months of bank statements, and a photo ID.
Written by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC NMLS #376205
Duane Buziak of Short Pump Mortgage by Duane Buziak walks through each step below.
Step 1: Confirm You Qualify for an FHA Loan Without a Hard Credit Hit
The baseline FHA rules, set out in HUD Handbook 4000.1, are simple to state. You need 3.5% down with a 580 or higher FICO score, or 10% down with a score from 500 to 579. The home must be your owner-occupied primary residence, and lenders generally want to see a steady two-year employment history. Programs and overlays change, so treat these as the starting point, not a guarantee.
Duane Buziak checks eligibility with the NoTouch Credit Pull, a soft credit pull mortgage approach. Because it is a no hard inquiry mortgage pre approval, you see where you stand without a score drop. As a soft pull mortgage broker, Duane can review your credit, income, and down payment picture and tell you which FHA path fits before you commit to anything. This kind of mortgage pre approval without hard pull is a way to test the water. It works as a no credit hit mortgage application for the first conversation.
Common mistake: applying with several retail lenders in a row and stacking hard inquiries. Credit scoring models generally treat multiple mortgage inquiries in a short window as a single inquiry, but the length of that window depends on the scoring model. Check the current window with your loan professional instead of assuming it.
Decision to make: identify your score band. Below 580 means 10% down and a tighter rate tier. At 580 and above you qualify for 3.5% down, and higher scores within that range usually price better. This choice sets your cash to close and your rate, so settle it before you shop for homes.
Step 2: Check Your Debt-to-Income Ratio and Set a Realistic Short Pump Budget
Debt-to-income (DTI) is your total monthly debt payments divided by your gross monthly income. Suppose you earn $8,000 a month before taxes and pay $600 toward a car loan and student loans. Add a proposed housing payment of $3,900 and your total debt is $4,500, so your DTI is 4,500 divided by 8,000, or 56.25%. That is high. FHA files run through automated underwriting can sometimes be approved at higher DTIs than manual review allows, but limits vary by lender overlay and by the strength of the rest of the file.
Anchor your budget to the local market. Short Pump homes have been trading around a median of $520K to $527K in 2026, and you can check property values on the Henrico County finance and assessment pages. Look up the current county real estate tax rate there and note the date you checked, since rates are set annually and can change.
Your monthly cost is more than principal and interest. Count all of these:
- Property tax based on the current Henrico rate
- Homeowners insurance
- FHA mortgage insurance (the annual premium is collected monthly)
- HOA dues, which are common in communities near Short Pump Town Center and West Broad Village
Mistake to avoid: budgeting to the maximum you are approved for. Approval tells you what a file can support on paper, not what leaves room for repairs, childcare, and savings. Pick the payment you would be comfortable with in a tight month, then work backward to a price.
Step 3: Check the FHA Loan Limit for Henrico County
FHA limits are not the same as conforming limits. The Federal Housing Finance Agency sets conforming loan limits for Fannie Mae and Freddie Mac, and for 2026 the high-cost ceiling is $1,249,125. You can read the baseline and county details in the FHFA conforming loan limit values. Those numbers are context only. FHA has its own county limits, set by HUD as a share of the conforming baseline, and they are far lower than the conforming figures in most counties.
Look up the exact 2026 figure for Henrico County on HUD’s FHA mortgage limits lookup. Select Virginia, Henrico County, and the one-unit limit is your ceiling for a single-family home. Do not rely on a number you heard secondhand, since the limits reset each year.
The practical takeaway: with Short Pump prices centered around $520K to $527K, most purchases should fall under the county FHA limit. If you are eyeing a larger home in a newer section, confirm the limit before you write an offer. A base loan above the limit cannot be done as FHA.
When a purchase does exceed the FHA limit, Duane Buziak can compare conventional and jumbo options across 500+ wholesale lenders, so you are not forced to start over with a different professional.
Step 4: Work Out Your Costs With a Real Dollar Example
Take a $520,000 purchase with 3.5% down. The rates here are hypothetical, used only to show the arithmetic. They are not quotes.
- Down payment: $520,000 × 3.5% = $18,200
- Base loan: $520,000 − $18,200 = $501,800
- Upfront mortgage insurance premium (UFMIP) at 1.75%: $501,800 × 0.0175 = $8,781.50
- Total financed loan: $501,800 + $8,781.50 = $510,581.50
- Principal and interest at a hypothetical 6.25% for 30 years: about $3,144 a month
- Annual MIP at an assumed 0.55% of the base loan: about $2,760 a year, or $230 a month
- Assumed property tax (0.87% of price, for illustration): about $377 a month
- Assumed homeowners insurance ($1,800 a year): $150 a month
Total estimated payment: about $3,901 a month. Confirm current UFMIP and annual MIP rates on HUD.gov as of your application date. Whether annual MIP ever drops off depends on your down payment and case date, and with a low down payment it typically lasts for the life of the loan.
Down payment help: Dynamo DPA and Turbo DPA are down payment assistance options that Duane Buziak can pair with FHA in some situations, reducing the cash you bring to the table. Terms, eligibility, and percentages change, so ask Duane for the current details for your file instead of planning around a number you read online.
Closing costs: no-out-of-pocket closing options usually come from seller credits or from a slightly higher rate that produces a lender credit. Both have trade-offs. FHA caps seller concessions, so verify the current limit against HUD guidance as of your contract date.
Step 5: Compare FHA Against Other Options With a Side-by-Side Table
FHA is not automatically the best fit. Compare the programs below. Figures are general guidelines that vary by borrower and overlay, so confirm with your broker.
| Program | Minimum down payment | Minimum credit score | Mortgage insurance | Best fit |
|---|---|---|---|---|
| FHA | 3.5% at 580+; 10% at 500 to 579 | 500 (580 for lowest down payment) | Upfront premium plus annual MIP | Lower credit scores, higher DTI, limited savings |
| Conventional | As low as 3% on some programs | Typically 620 | PMI, which can cancel as equity builds | Strong credit, 20% down, or PMI that drops off |
| VA | 0% for eligible borrowers | Duane Buziak works with VA to a 500 FICO | No monthly MI; funding fee may apply | Veterans and service members; VA cash-out refinance up to 100% LTV |
| USDA | 0% in eligible areas | Varies by file; generally higher than FHA | Upfront and annual guarantee fees | Buyers purchasing in USDA-eligible areas within income limits |
USDA eligibility depends on the property location, so check the address on the USDA property eligibility map before assuming it applies in or near Short Pump.
FHA tends to win when credit scores are lower or DTI is high. Conventional may cost less each month when your score is strong and you have 20% down, or when PMI will cancel, since FHA mortgage insurance often stays for the life of the loan at low down payments. Run both scenarios with real numbers.
Step 6: Get Pre-Approved and Shop the Rate Across 500+ Wholesale Lenders
Start by submitting your documents: income records, pay stubs, bank statements, and ID. Duane Buziak uses the NoTouch Credit Pull to run a soft pull pre-approval and issues a pre-approval letter you can use to make offers. A hard credit pull follows only when you are ready to lock a rate and move into underwriting, so you avoid a hard inquiry until you have chosen a path. Confirm the exact timing for your file with Duane.
Why a broker changes the rate search
A single-company retail lender offers one rate sheet: its own. Duane Buziak is a broker who shops 500+ wholesale lenders, so one application is compared against many pricing sheets and guideline sets. That matters for FHA because lenders differ on overlays, such as minimum scores and DTI tolerance. Some large national retail names, including Rocket and Movement, and local retail shops such as Sparrow Home Loans, operate on the retail model. That is a structural difference, not a criticism.
Duane’s records show 1,400+ five-star reviews, Scotsman Guide Top Originator recognition in 2025 and 2026, and UWM PRO ELITE 2025 status.
When to lock and how to compare
Lock when you have a signed contract and are comfortable with the payment. Locking earlier protects you from rate moves but may cost extra if the timeline slips. Compare Loan Estimates line by line, using the CFPB Loan Estimate guide: the interest rate, points, lender credits, and the total in Section A of the closing cost detail. The lowest rate is not always the lowest cost.
Step 7: Find the Home, Handle the Appraisal, and Close
An FHA appraiser evaluates value and also checks that the home meets HUD’s minimum property standards for safety, soundness, and security. Peeling paint on older homes, a failing roof, or missing handrails can trigger required repairs before closing. Review the property requirements in HUD Handbook 4000.1 with your agent before you write an offer on an older property.
The contract-to-close sequence runs in this order:
- Earnest money deposit
- Home inspection
- Appraisal
- Underwriting conditions, where you supply any missing documents
- Clear to close
- Final walkthrough and closing
Timelines vary by file and lender, so ask for a target closing date in writing.
Avoid these until you close:
- Opening new credit accounts, including store cards and car loans
- Making large deposits you cannot document
- Changing jobs without telling your broker first
Any of these can send a clean file back into review.
Neighborhoods near Green Gate and homes zoned for Deep Run High School, Pocahontas Middle School, and Nuckols Farm Elementary tend to draw competitive offers. In those situations a strong pre-approval letter helps your offer stand out. Check school information directly with Henrico County Public Schools, since ratings change and depend on the source.
Start Your Short Pump FHA Loan With a Soft Pull Pre-Approval
Your next action is a NoTouch Credit Pull soft pull pre-approval. It costs your score nothing and gives you a real payment number for Short Pump homes. Call (804) 212-8663 to begin.
Ready to find the right mortgage solution for your Short Pump area home? Connect with our local mortgage experts today for personalized guidance and access to multiple lenders who compete for your best rate.