Can you still purchase a house in New York State with 5% down?

Asked by Brian, New Paltz, NY Sat Mar 3, 2012

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Barbara Cart…, Agent, New Paltz, NY
Sat Mar 3, 2012
Hi Brian
Besides the FHA loans the others have mentioned there are USDA loans. Homes in New Paltz are included in the area qualified for the USDA loans. I work with a lender that specilalizes in these loans.
Best of Luck
Barbara Carter
John J Lease Realtors
1 vote
Voices Member, , New Paltz, Ny 12561
Sat Mar 3, 2012
Brian:
How about 0% down with seller's concessions? That is if you qualify for a VA loan.
Next in line with the least amount of down payment would be Homepath mortgage with 3%. You also have USDA loans, FHA loans and I'm sure many many more. You should be speaking with a mortgage broker who has access to many different types of loans and they can pre qualify you before you begin your search.They are the experts who deal with these questions daily and can guide you to making the correct decsion for you.

Now if you are looking for an expert in residential home sales I can help with your search in New Paltz, where I reside and have an office. I'd be able to provide you with many resources and represent you as a buyer's agent.You have picked a perfect time to buy while rates are low, home prices down and many available. It's the perfect storm!
Barbara Korabel/Broker
Four Seasons Realty Group
845-255-0019
We're open 9 to 8 every day.
Web Reference:  http://www.9to8everyday.com
0 votes
Larry O'Toole, Agent, Kingston, NY
Sat Mar 3, 2012
Yes. An FHA loan is 3.5 per cent down. If you'd like, I can give you the name of someone at Ulster Savings Bank who can tell you how much you can purchase.
Larry O'Toole
Coldwell Banker Village Green Realty
917-576-5832
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Mar 3, 2012
Yes, and FHA loans do require a minimum of 3.5% down. Visit with any licensed loan officer to determine qualification; 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.
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