New York FHA Loans

Right now is a great time to apply for an FHA loan in New York. If you are considering relocating, when you apply for an FHA loan you will be able to save a lot of money on the overall costs of obtaining your new home. The Federal Housing Administration (FHA) has been helping Americans buy new homes for over seventy years. The FHA has done this by offering great benefits that streamline the loan process to those who qualify. Here are just a few of the many benefits you will be able to take advantage of with a New York FHA loan.

Low Down Payment

With an FHA loan, it is possible to qualify for up to 96.5% financing on your new home. This means that your down payment will only be 3.5%, making the upfront cost of homeownership much more affordable. When you apply for a conventional loan, on the other hand, you can expect to pay upwards of 20% for the down payment on a new property.

Lower Overall Cost

While it is sometimes possible to find conventional loans with a five percent down payment, the lender will generally make up for the risk by raising the interest rate and requiring the borrower to pay for private mortgage insurance (PMI). With an FHA loan, you will get to take advantage of the most competitive rates on the market. Additionally, because you are already insured by the Federal Government, you won’t have to pay for PMI, making your overall monthly payments that much lower.

Keep Your Home

The FHA benefits from you keeping your home and continuing to make payments month after month. In order to ensure you never go into foreclosure, the FHA has designed programs to help you if you are struggling to make payments. There are two great options available: HOPE for Homeowners and FHASecure. Both programs are there to help you get back on track if you are finding it difficult to make your monthly payments. You can even apply for these programs if you have a conventional loan and not an FHA loan.

Where to Start

We have a team of FHA home loan specialists who are here to help you get started on the road to homeownership. Take a minute to fill out our secure online form and we’ll have you pre-approved for free within minutes!

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