What is FHA when it comes to putting approx 4% down on a condo?

Asked by Keganlocal342, Queens, NY Wed Oct 10, 2012

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Trevor Curran’s answer
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Oct 11, 2012
Good morning Keganlocal342,

The FHA Program allows for a purchase of a Condominium with a minimum of 3.5% down payment depending on your qualifications for the mortgage loan.

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

You should be aware that a Condo you wish to purchase with FHA Insured Financing must be approved by HUD/FHA. You can find a list of all FHA Approved Condos in Queens here: https://entp.hud.gov/idapp/html/condlook.cfm

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes
Victoria Pop…, Agent, Bayside, NY
Thu Oct 11, 2012
Easy 2 step process puts you in a better buying position:
1. Get pre-approved by a mortgage loan officer
2. Hire a real estate agent of your own (buyer's agent)
0 votes
Yael Shanee, Agent, Kew Garden, NY
Thu Oct 11, 2012
An FHA loan is a loan insured against default by the FHA. Because of this guarantee, lenders are willing to make large mortgage loans.

Almost anybody can qualify for a loan. There are no income limits – like you may find with first time home buyer programs. However, there are limits on how much you can borrow. In general, you’re limited to relatively small mortgage loans relative to home prices in your area. To find the limits in your region, To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. In general, you have to be better than 29/41, but some programs allow up to 55%. In addition, you have to have decent credit. You don’t need wonderful credit to get an FHA loan; it just needs to be decent.

Of the many types of mortgage insurance offered by FHA.com, FHA Condominium Loans are designed to encourage lenders to extend affordable mortgage credit to those who have non-conventional forms of ownership.
Any creditworthy persons who meet FHA underwriting criteria and are intending to occupy the condominium unit as their principal residence are eligible to apply.

I hope this shed a light, feel free to contact me if you need further assistance, Good Luck!!!

Yael Shanee
Exit Kingdom Realty
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Oct 11, 2012
Discuss with your loan officer; is the condo FHA approved.....
0 votes
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