Financing in New York>Question Details

Noam, Both Buyer and Seller in New York, NY

FHA loans in NY?

Asked by Noam, New York, NY Sat Nov 3, 2012

What do you need in order to qualify for an FHA loan or any other loan where the downpayment is no more than 5% in NYC?

Help the community by answering this question:

Answers

6
Coops do not allow FHA. Condo's do, but there might be an issue with the condo's right of first refusal.


Sergio Ayo
Licensed Real Estate Agent
Certified Cartus Relocation Specialist
Bond New York Properties LLC
1776 Broadway 19th Floor
New York, NY 10019
Office: 212 582 2009
Mobile: 917 678 4164
Fax: 646 666 2395

Bond New York can assist your friends and family anywhere in the World including the U.S., Canada, PR and the U.K. We are members of the largest Relocation Network in the nation. Contact your agent today to find out more.
1 vote Thank Flag Link Mon Nov 5, 2012
For an FHA loan the minimum down payment is 3.5% and the minimum credit score is 640. FHA loans also allow up to a 6% sellers concession which you can use to finance your closing costs and limit the amount of money you will need for the transaction. If you are a veteran you can use your VA eligibility for a VA loan and the minimum down payment is 0% and you are allowed up to a 4% sellers concession. The minimum credit score is also 640. Do you plan on relocating from Las Vegas?
1 vote Thank Flag Link Sat Nov 3, 2012
So what about, say, Brooklyn? Is it easier to buy a condo with an FHA loan there Vs Manhattan? What is the minimum/maximum loan amounts for FHA?
Flag Sat Mar 30, 2013
Yes, I am. In a couple of months...
Is there a limit on the loan amount? I know apartments in NYC are very expensive...
Flag Sat Nov 3, 2012
Hi Noam,

In NYC most buildings (70/75%) are cooperatives. FHA does not give loans in coops. The remaining apartments in NYC are in condos. Most condos in Manhattan give the condo board "first-right of refusal" in their bylaws. Because "right-of first-refusal" is a restrictive covenant FHA does not loan in condos with restrictive covenants such as right of first refusal.

There are some, mostly new development condos that have been approved for FHA loans. Regardless of down payment amount, a 10% deposit is usually required at contract signing for most real estate transactions in NYC.

http://nycblogestate.com/2010/08/fha-loans-no-big-deal-in-ma…

Mitchell Hall
Licensed Associate RE Broker
The Corcoran Group
347-921-Hall (4255)
mhall@corcoran.com
http://corcoran.com/mhall
http://nycblogestate.com
1 vote Thank Flag Link Sat Nov 3, 2012
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
For a personalized answer visit with any licensed loan officer...FHA loans require a minimum downpayment of 3.5% down; most lenders prefer a 640 credit score...
1 vote Thank Flag Link Sat Nov 3, 2012
It all depends on the price and the property.

FHA has maximum loan amounts and approved condos.

Your real estate broker can help guide you after you've been pre approved by a mortgage broker.

Good luck!
Web Reference: http://Fredglick.com
0 votes Thank Flag Link Sat Nov 3, 2012
Hey Noam. The minimum requirements according to FHA/HUD are a minimum 620 FICO score, and a 3.5% down payment. Of course there are other income requirements as well. Check out http://portal.hud.gov/hudportal/HUD?src=/federal_housing_adm… for additional information. You should also contact a Mortgage Consultant who is knowledgeable about FHA loans and can pinpoint you to the best loan that works for your needs.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Sat Nov 3, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer