Do you have an eye on a home in Albany, Hamilton or the Big Apple itself? FHA mortgage New York may be the best program for you. It comes with the least number of upfront fees of any commercial program, with the exception of two other government schemes, those of the United States Department of Agriculture (USDA) and Veterans Affairs (VA). It includes a negligible Upfront Monthly Insurance Premium at 1% of the borrowings, a down payment of 3.5 percent and closing fees that the seller partly provides. Thus, when you apply with us, at FHA Home Loan Group (fhahomeloangroup.com), you can be sure to avail the following tangible benefits of this program:
Pay Only a Small Down Payment
With its Loan-to-Value (LTV) percentage of 97 percent, which indicates the total amount you will receive after subtracting the down payment, FHA mortgage NY, has one of the best money down provisions. Advantages include:
- You can settle this upfront amicably as a gift from a family member, the state or an NGO.
- If you find difficulties remitting this figure, you can solicit the government for a grant amounting to 6% of the amount.
Indeed, there is nowhere else you can find a down payment going to as low as 3%!
Upfront Monthly Insurance Premium
The Upfront Monthly Insurance Premium on FHA mortgage New York comes with two options for the homebuyer:
- Ability to pay 1% at the onset of the loan period of the total amount of the loan. This is a lump sum without interest.
- A refinancing option where the rate goes down to 0.1 percent.
Depending on whether you are a first-time applicant or have an existing FHA mortgage NY plan, you can always opt for any of the two ways of settling premiums.
Closing Fees
You do not have to worry about closing fees, which form one of the final moments of clinching financing. Indeed, we can help you get the following support from the home retailer:
- FHA mortgage New York allows sellers to remit up to 6% of all closing fees. We can negotiate this on your behalf.
- Upon settling the minimal fees, you can rest assured that you have the funding.
What Qualifications Do I need?
Before you can secure this financing offer, you need to meet these few pre-qualification details:
- Have a credit score of at least 620.
- Show intention to settle in the home as your primary residence.
- Have no other liens or credit commitments including a credit card balance.
- An employment history that has been steady for the past two years.
Applying for FHA mortgage NY
- 1. Submit your loan request and pass our easy pre-qualification test.
- 2. Find a lender from our database with a competitive rate.
- 3. Gain approval from the Housing Department (HUD).
- 4. Settle closing fees and start the homeownership process.
If you have an eye on a Brooklyn, Manhattan or Albany condo, look no further than FHA mortgage New York through FHA Home Loan Group. We have always catered for clients who need a program with few upfront costs and low down payment, to own a home on the imposing East Coast.
Talk to one of our experts any day for further assistance! Call [888] 202-4479