Sunday, April 26, 2009


First time home buyers face many challenges. Often times their credit is not as strong as current homeowners. The NY FHA allows these borrowers with less robust credit histories to still obtain financing for their home purchase in New York. New York FHA Loans is "common sense underwritten" and the main thing they want to see on a NY FHA Mortgage is that the borrower can afford their payment and has a relatively good history with making their payments on time. Another advantage for NY First time home buyers is that the NY FHA Loans does not require reserves in their account in order to be approved for a New York FHA Mortgage. Most conventional financing requires several months’ payments in reserves at least. Often times they want to see up to six months of their mortgage payments in reserves to be qualified. With NY FHA Mortgage first time home buyers can get a loan without having to save up for years to get approved.NY FHA Loan Down Payment:In order to get a [NY FHA Mortgage, borrowers only need to put down 3.5% of the purchase price of the loan. This down payment does not necessarily have to come from the borrower themselves. They can receive the 3.5% NY FHA Loans down payment from a family member, their church, their job, or from another quailed source. In addition the closing costs can be gifted from the seller of the property up to 6% of the sales price. This means that a first time home buyer looking to purchase a home in New York with no money out of their pocket can actually accomplish this feat with a New York FHA Loans!The New York FHA Mortgage allows not only first time home buyers but also existing home owners to get access to safe and secure 30 year fixed rate mortgage loans. These loans have lower mortgage insurance requirements than conventional financing which means that NY FHA Mortgage holders can enjoy much lower monthly mortgage payments than borrowers with other types of financing that have high mortgage insurance premiums. In order to obtain financing for a NY FHA Mortgage, all one needs to do is apply with an FHA approved mortgage company such as us. You can apply for a NY FHA Mortgage on our website and one of our NY loan specialists will follow up with you immediately to go over your options and pre-qualify you for your new loan.As you can see the New York FHA Loan program is excellent for many types of borrowers. In future articles we will discuss the various NY FHA Mortgage programs in detail such as the NY FHA Streamlined refinance loans and the NY Rehab loan.

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