New
York FHA Loans
Buying a Home using a FHA Loan
The FHA loan program was created to help increase homeownership. The FHA program
makes buying a home easier and less expensive than other types of real estate
mortgage home loan programs. Some highlights of the FHA loan program are:
Minimal
Down Payment and Closing Costs
-
Downpayment
less than 3% of Sales Price
-
100%
Financing options available*
-
Gift
for downpayment and closing costs allowed.
-
No
reserves or required.
-
FHA
regulated closing costs.
-
Seller
can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying
Guidelines such as:
-
No
minimum FICO score or credit score requirments.
-
FHA
will allow a home purchase two years after a Bankruptcy.
-
FHA will
allow a home purchase three years after a Foreclosure.
Easier Debt Ratio
& Job Requirement Guidelines such as:
-
Higher
Debt Ratio's than other home loan programs.
-
Less
than two years on the job is allowed.
-
Self-Employed
individuals o.k.
These
advantages of the FHA loan program has made it one of the best options for most
first time home buyers as well as move-up home buyers.
You
do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA
loan as long as you do not have more than one FHA insured loan at any one time.
