is it possible to make a 3-3.5% down payment for a first time buyer and not a veteran in long island,NY specifically suffolk w/ a good credit score?

Asked by switzer, 11542 Wed Oct 9, 2013

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Anna M Brocco, Agent, Williston Park, NY
Thu Oct 10, 2013
FHA loans only require 3.5% down, also see link below for helpful information. Visit with any licensed laon officer for any clarifications, 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.
1 vote
Dina Rondine…, Agent, Bay Shore, NY
Thu Oct 10, 2013
Yes you are able to purchase with a 3% using the Sony ma loan with sometimes down payment assistance or the 3.5% FHA. I would contact Christine Perlow at Continental Home Loans for the best loan for yourself. She can be reached directly at 516-509-0429.

Best of luck!
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
Yes! FHA loans only require a 3.5% down payment and you do not need to be a veteran for that type of loan. Also for this loan, I have been able to give them out with scores as low as 580. So if you are in the area or above, you should have a good chance. Otherwise, I recommend that you work on your credit score. The simplest way to fix your credit score is to pay off your debt and revolving credit balance on time. Also, it is important to have money for closing costs as well so be prepared for that. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes
Joanna Jacob,…, Agent, Huntington, NY
Fri Oct 11, 2013
Yes, absolutely! There is the FHA loan of course, but you should speak to a reputable mortgage broker to discuss the other options available as well, and to see which product will suit your needs best. Bruce Silva at Continental Home Loans is great or you can call me for other names of people I've worked with for years...I serve Suffolk County, specifically the areas in and around Huntington Township so feel free to call if you need any help in your search....

Joanna Jacob, CBR
Licensed Associate Broker
Certified Buyer's Representative
Signature Premier Properties
157 E Main St.
Huntington, NY 11743
631-880-9059 cell
0 votes
Melissa Goss, , Center Moriches, NY
Thu Oct 10, 2013
Yep, you just need to speak with a lender and ask about going with an FHA loan. You should sit down with them first and see what you are approved for.
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William Allen, , Knoxville, TN
Thu Oct 10, 2013
Please give me a call if you are looking for a great lender. 810-335-3503. Or you can send me an email at and I can send you an inquiry form to get your paperwork started and try to get you pre qualified.

William Allen
Mortgage Banker
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Thu Oct 10, 2013
The Long Island Housing Partnership also has a grant program for first time buyers but your salary would have to be at certain levels. Something you could look into.
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Ralph Windsc…, Agent, Hauppauge, NY
Thu Oct 10, 2013
I'm not a mortgage broker but Jim said it well. I've done several sales where the buyers only put 3.5% down and financed the rest. You may want to consider SONYMA (State of New York Mortgage Association). They have a down payment assistance program where you could get up to $10,000 as a first time buyer. I'm not far from Deer Park if you're not already working with an agent. Good luck.
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Oct 9, 2013
Absolutely! There are several mortgage programs available that allow 0% to just 5% downpayment. There's a couple government insured programs such as the VA loan, which could allow 100% financing for qualified veterans. You also have the FHA loan which allows just 3.5% downpayment. We also have My Community which is a non-government insured loan program and requires 3% downpayment, as well as a traditional conventional loan which requires a little as 5% downpayment.

Which program is best for you? That depends on several things. It's always best to meet face-to-face with a Loan Officer and allow him/her to review all the necessary documents and then they could tell you exactly what your options are, how much you qualify for, what the estimated payments are, rates, estimated closing costs, etc.

This meeting is a great opportunity to also ask all the questions you need to. It important for you as a buyer to become as educated as possible on everything involved in buying your house. I can let you know exactly what documents you need and would be happy to meet with you and help you with this entire process. I'm available to meet face-to-face at our Woodbury offices any day of the week. I have relationships with many different Real Estate offices in both Suffolk & Nassau Counties. I can definitely recommend a good Realtor or two in the Deer Park area and other parts of Suffolk County. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
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