New York FHA Mortgage

New York FHA loans are ideal for first-time homebuyers who have little money available for a down-payment. With New York FHA programs, borrowers can put as little as 3.5% down on a new home. In addition, borrowers with less-than-perfect credit can stop worrying, since FHA is specifically designed to work with people in this dilemma. With the help of the New York FHA, first-time homebuyers and residents looking to refinance their existing FHA loan can easily secure the financing they need.

New Jersey FHA Rates

Product	Rate	APR	Points	Lock Days
30-Year Fixed	3.500%	3.631%	1	30
15-Year Fixed	2.750%	2.981%	1	30
30-Year FHA	3.500%	4.858%	1	30

Note: All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee for qualified applicants with full documentation of income. Other fees will also impact APR and all rates are subject to change without notice.

New York FHA Loan

New York FHA loans are becoming more and more common; they are no longer targeted toward 'low-income borrowers'. Those homeowners looking to refinance their existing FHA loan can do so with a New York FHA Streamline Refinance. Recently, many lenders have tightened their guidelines, but New York FHA programs provide an excellent alternative to typical conventional mortgage loans. There are some restrictions, but more and more people looking for a mortgage are turning to New York FHA loan programs for the answer.

New York FHA Mortgage Highlights

New York FHA mortgage loans can be more beneficial when compared to conventional mortgage loans. Here are some highlights and facts about New York FHA mortgages

New York FHA guidelines are generally more lenient compared to conventional loans
Low down payment requirements on purchases (3.5%)
Mortgage Insurance payments on New York FHA loans are lower than Mortgage Insurance payments on a conventional loan
New York FHA Streamline Refinancing require minimal documentation, and costs are very low
No prepayment penalties on New York FHA loans
New York FHA mortgages allow a home purchase two years after a bankruptcy, and three years after a foreclosure
1-4 unit properties are allowed in the New York FHA programs, as long as they are primary residences

New York FHA loans by County

Listed below are some of the counties in New York, and the limits on FHA mortgage loans:

Queens, Bronx, Westchester, Manhattan, Brooklyn, Essex, Staten Island and Hudson:

1 Family, $312,895
2 Family, $400,548
3 Family, $484,155
4 Family, $601, 692

Whether you're looking to purchase a new home or refinance your existing home, please call at 877-868-2503 or contact us for your New York FHA mortgage needs.