Hi, The FHA is still extremely popular. The one thing that has changed recently is their upfront mortgage insurance premiums and monthly premiums. They have gone up 4 time over the past 2 years. The upfront is 1.75% of the loan and monthly is being raised to 1.35%. Your loan officer can explain all of the specifics in more detail. You cannot buy a coop apartment with FHA. Single family, multi family, and select condos are fine. The FHA only insures loans for approved condo complexes, you can get the list at
You can probably only afford a co-op that costs about $150K or so. As an agent in Forest Hills, I know that the majority of the co-ops here require a 20% down payment (which pretty much caps you at $150K if you only have $30K in the bank). Also, once you close, most buildings require that you have at least 6 months of mortgage plus maintenance left in the bank as reserve funds (they do consider $401K and retirement funds).
Also, most co-op boards look for a maximum housing debt of no more than 28% of your gross monthly income. At $55,000 a year, your gross monthly income is $4,583 - 28% of that would be $1,283. Your monthly payments on a $150K apartment, assuming maintenance of about $600/month would be right around that figure.
If you have any further questions, or would like assistance in your search, I can see what's out there for you. For my contact information, see my website www.teammd.net.
Assuming no outstanding debt, your financial numbers are fine for just about any building (except Kennedy House, The Continental and any building that requires more than 30% down or more). The number you left out is your FICO score but we'll take a leap of faith that it's 740 or higher. You should be done with this about now. How did it all work out?... more