Can i buy any house using an FHA loan? I have $12,000 in the bank right now. Im looking at 7352 70th St Queens, NY 11385. I plan to renovate it myself

Asked by Jovito, Queens, NY Tue Nov 19, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

14
Michael Denn…, Agent, Queens, NY
Thu Nov 21, 2013
Hi Popot696, you can buy any 1-4 family, townhouse, condo and in some cases mixed-use properties with an FHA 203B or 203k loan subject to certain conditions such as 1) it will be your primary residence 2) the townhouse or condo is FHA approved 3) the mixed-use property has more residential space than commercial space 4) the properties meets FHA's appraisal guidelines and of course, 5) the seller agrees to an FHA mortgage. In some "as is" sales, the seller may not be willing to make repairs to the property that would be required to pass an FHA inspection. There are other conditions but the list I gave was a general summary.

I have extensive experience helping local families purchase or refinance their homes using FHA's 203B and 203K programs. For more information or assistance, contact me directly at 917.699.0183 or michaeldenniston247@gmail.com.

I value your opinion. Please hit best answer if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS# 24076
917.699.0183
The Federal Savings Bank
We Lend in All 50 States
Local Branches in NYC and Long Island

I
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Nov 19, 2013
If you qualify yes, therefore for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. If your interest in this property is high, not sure why one would post the address on an online public forum, and possibly peek other potential buyers interest....
1 vote
, ,
Tue Nov 19, 2013
If it's a true "fixer upper" then a 203k loan may be the best way to go. This is FHA's version of a rehabilitation loan. They'll allow you finance renovations/repairs into the loan. Beware that these loans are a pain in the a$$ to do and very few lenders are good at them. So don't base your lender search on the interest rate. Find out through research who is the best lender in the area for 203k loans and try to work with them. Please be advised though, that they generally do not permit the homeowner/homebuyer to do the renovations yourself, unless you are a licensed contractor for all the work you plan to do.

If you're set on doing the renovations yourself, then you can seek out a traditional FHA mortgage. The house in it's current state will need to meet minimum FHA requirements. That means no required repairs, health or safety issues, or structural damage. You can get away with cosmetic deficiencies, but that is about it. A lot of "fixer upper" properties will not qualify for traditional FHA financing.

Hope this helps!
1 vote
I just researched about 203k FHA loan, I guess if we can get a loan to cover both the purchase price and renovation/repairs, that'll be great.
Flag Tue Nov 19, 2013
Thanks Tony, I'll be looking for properties that will pass the FHA requirements.
Flag Tue Nov 19, 2013
Alexsandra J…, , New York, NY
Tue Nov 19, 2013
You will need to be pre-approved first. I have to look at your credit, income and assets to determine if your approved for any home. Please contact me if you should be interested. You can also obtain sellers concession where the seller can help you pay for closing costs. I also know brokers in Queens as well that might have better properties for more or less same price.
Thank you
Alexsandra Jarquin
Continental Home Loans
NMLS #364544
201-621-3559
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Nov 19, 2013
Well it depends. You need to be pre-approved. Any lender needs to know what your income is, credit, liabilities, rental history, I mean there is so many things that come into play. What I will say is that it's tough to be able to qualify for a purchase in NY with just $12,000.

Typically you need your 3.5% downpayment ($3,500 for every $100k) AND some money for closing costs. With FHA you're allowed to use gift funds from relatives and money from retirement accounts.

If you'd like, I have offices in Queens where we can meet face to face and go over the entire pre-approval process and your options. I can let you know exactly what documents you will need. Feel free to call or email me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote
Might or might not be enough. If the purchase price is $400k, then the minimum down payment is $14,000. That leaves you with $10,000 towards closing costs. So you will definitely need some seller concession to cover the rest. If you find a house and the seller is willing to give seller concession then you should be fine. I really suggest you meet with a Loan Officer and go over all your financing and make sure it's all in place. It will make shopping for a house so much easier and a clearer process.
Flag Tue Nov 19, 2013
i should be able to save up $24K by July 2014,, Will it be enough to cover all the included costs if my target property price is below 400K?
Flag Tue Nov 19, 2013
, ,
Tue Nov 19, 2013
The general answer is yes. To be able to get into contract you should have your credit, income, employment history and other information evaluated by a mortgage broker or lender. This way you will be able to move forward with confidence and have a successful closing. If you like to discuss this in more detail please get in touch with me.
Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
1 vote
We were approved for 580K FHA Loan before, But it was on a Condo in Brighton Beach. I was just wondering if same applies to Regular houses because on the Condo Ad they mention FHA Approved Units. We backed out on the contract because of the Storm Sandy and could not contact our mortgage broker.
Flag Tue Nov 19, 2013
John Dibs, Agent, Ozone Park, NY
Tue Nov 19, 2013
You can usually buy most homes using an FHA loan provided that you income qualify for the loan and that you have enough money for down payment and closing cost. In Queens the maximum loan limit on a 1 family is 729,750.If your short on cash many times a seller concession can be used of up to 6% of the sales price,but be aware the house still has to appraise for the full value in order for the sale to occur.
1 vote
great answer John ;
was hoping to see last night with Mr singh
Flag Tue Nov 19, 2013
Annette Law…, Agent, Palm Harbor, FL
Thu Dec 19, 2013
"CAN I BUY ANY HOME USING AN FHA LOAN?" This is the question that I read submitted by Popot.
The correct answer is NO YOU CAN NOT!
-
Why?
The seller has the right to accept or reject any offer presented. FHA backed loans come with a mountain of 'bad news' that many sellers will reject from the very beginning.
-
The home itself will need to meet minimal requirements. Your 'renovate myself' statement suggests this specific house may have some 'issues."
-
That leads to the FHA 203K rehab loan. This is a mountain stacked on a mountain.
-
Finally, as an example, FHfA plus Wells Fargo should cause any owner to kick the offer to the curb. WF will leave you at the alter (always blamed on underwriting) leaving the seller inheriting the smoldering ruins created by bad choices. Hopefully you see there are a great number of variables that determine success. Many are beyond the control of the buyer. Some are the choice of the seller. To many take place behind the curtain that conceals what the banks are up to.
-
Summarized....Yes you can buy A home with FHA backed financing. NO, you can not buy ANY home with FHA backed financing.
-
Others have discussed the qualifications required for an FHA approval.
0 votes
Becky Johnson, , Dallas, TX
Thu Dec 19, 2013
FHA requires 3.5% down and a 580 credit score minimum. 12k is 3.5% down of about 325k, you will have closing costs as well but you can have the seller pay most of them with FHA if they are willing to.. We can refer you to a couple of lenders to see if you do qualify, go to our site and complete the form please let me know if you have any questions.
0 votes
Maureen Mizu…, Agent, Ozone Park, NY
Wed Dec 18, 2013
I would need some more information to fully answer your question as pertains to your particular circumstances. However, I will give you general information. First the property in question is a shortsale meaning the current owner is the midst of a forclosure action instituted by the bank. Second, the house is set up as a two family property but in fact has a C of O as a one family residence and therefore a mortgage bank would only consider this as a legal one family property when determining how much of a mortgage it would give on the property. Third, this house needs quite a bit of renovation and unless you are a contractor by trade you should consider how much work you are willing to do or have done on a property before purchasing it. Fourth this property would qualify for an FHA 203K rehab loan. However, this would require that you put a minimum of 3 1/2% of the purchase down and you would need to pay your own closing costs which currently you don't have enough money to do seeing as how the asking price is $350,000 which is already below market for a house that doesn't need re-hab in that area so the chances that you would get it much cheaper are pretty slim. There are closing cost assistance programs around, but just like with the FHA program you would have to qualify based on income. Since I don't have all the info I need to give you a more complete answer. I would have to meet with you in person to get more info to be more complete in helping you determine what might be best for you.
I hope this general info has been helpful to you.
Maureen Mizuno
Exit Realty Central, CDPE
cell(917)443-9880
0 votes
As a follow up I work with the top two 203K FHAbanks in the region. In fact one of my lenders is the man who wrote the text books on 203K and has been responsible of working with HUD (housing and urban development) on establishing these loans in the market place. You might also be able to add a sellers concession into the scenario for the closing costs. That might work it might not depending on each individual situation.
Flag Wed Dec 18, 2013
Martina Ryan, Agent, Flushing, NY
Tue Dec 17, 2013
You could apply for a 230 loan. Have you been approved?
0 votes
Sonia Juran…, Agent, Glendale, NY
Tue Nov 19, 2013
Please let me know if you are looking for a real estate agent in the Glendale area. My number is 347.495.2595.
0 votes
Charles Bero…, , 11419
Tue Nov 19, 2013
to give you correct answer I need to know what is your income and what is the purchase price?
FHA requires 3.5% down payment and closing can be built into loan
feel free to call me if you want 516.728.5212 would be more than happy to help you
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Nov 19, 2013
A loan officer can properly answer this question. Typically the FHA allows for a minimum down payment of 3.5% of the purchase price. It can be gifted and a gift letter will be necessary. You may also consider a SONYMA loan if you are a first time buyer. they allow for a minimum of 3% down which can also be gifted. Be aware the FHA has some up front premiums that can affect your overall costs. I recommend Christian Babacok from Mortgage Master Inc o14.447.9691, he is an expert with both loan products.

Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more