New York City FHA Loans

If you are thinking about purchasing a new home in New York City, you will definitely want to consider using an FHA loan to do so. The Federal Housing Administration (FHA) has a really great home loan program that has been designed to help Americans afford the homes of their dreams. Right now the program is stronger than ever, giving great benefits to all who qualify.

Low Down Payment

Right now it is possible to qualify for up to 96.5% financing on new homes in New York City. This means you will only have to provide a low down payment of 3.5%. This makes the upfront costs of buying a new home much more affordable, especially when you compare it to the high down payments associated with conventional loans. Right now you can expect to pay anywhere from five to twenty percent for a down payment with a conventional loan in NYC.

Lower Overall Cost

The entire cost of NYC FHA loans is much more affordable than conventional loans. This is because in addition to the low down payment feature, you won’t have to pay expensive private mortgage insurance (PMI). Plus, with an FHA guaranty you will be able to take advantage of very competitive interest rates.

Simple Refinancing

Once you have your FHA loan, refinancing is very simple. When you apply for a streamline refinance, you won’t have to pay any out-of-pocket expenses or provide any additional paperwork because the FHA will already have all your information on file. For people who need to borrow cash, there is an FHA cash-out refinance. With a cash-out refinance you can borrow money against the house’s equity to be used for anything from paying off credit cards to buying a new car.

How to Qualify

In order to qualify for an FHA loan you must first find a lender who participates in the FHA home loan guaranty program. You lender will approve you based on your credit scores, bank balances, debt-to-income ratio and employment history. Even if your credit is less than perfect, you might still be able to qualify for an FHA loan.

Get Pre-approved Today!

It’s easy to get pre-approved for a New York City FHA loan when you take a minute to fill out our online form. It is free, fast, secure and has no obligation.

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