Nassau and Suffolk FHA Loans

Housing prices in Long Island are much higher than in other parts of the country, making it difficult for young families and first time homebuyers to afford houses in the area. The FHA helps alleviate the financial burden of buying new homes by offering benefits you would not find with conventional loans. If you’re thinking about relocating to Nassau or Suffolk, you should definitely consider going through the FHA for your new mortgage.

Why should I use an FHA loan?

Right now it is difficult to find affordable conventional loans with low down payments. Most lenders are hesitant to lend money without either charging a big down payment, raising the interest rate or requiring the buyer to pay for private mortgage insurance (PMI). The FHA on the other hand, only requires a 3.5% down payment, has low interest rates and does not require any PMI.

Can a third party pay for my down payment?

Yes. The FHA does not mind where the money for the down payment comes from. So even if you cannot afford the upfront costs, you have the option of having your employer, family member or friend pay for it. You can also go through a program like the American Dream Down payment Initiative (ADDI) for your down payment.

What if I run into problems making payments?

The FHA does not want you to lose your home, which is why they will do everything they can to prevent this from happening. If you have trouble making payments in the future, you can refinance your mortgage through HOPE for Homeowners or FHASecure. Even if you have already defaulted on a couple payments you will still be able to apply for a new mortgage to help you get back on your feet.

What lender can I go through to get the loan?

You can use a bank, savings and loans association or mortgage company to obtain your FHA loan. The choice is entirely up to you, as long as the lender is approved by the FHA.

Where do I start?

Before you start looking for your new house in Suffolk or Nassau, it’s a good idea to get pre-approved. Fill out our secure online form and we’ll get you pre-qualified for free instantly. Getting pre-approved for an FHA loan has never been easier!

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