FHA Home Loans in New York and New Jersey
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Unlike your local bank or other lenders, I specialize in FHA loans. I work with them every day, all day, and will do everything I can to get you into your dream home. Purchasing a home is a big deal, and you will likely have questions. As an FHA Specialists, I will take you through the entire process step by step, from getting prequalified to closing on your loan. I will make sure to answer each question and explain every detail so you understand the ins and outs and never feel lost. Please feel free to contact me at any time if you have any questions.
Whe demise of no-down-payment loans is more than three years past. Thats why many folks with less-than-perfect credit and little cash have turned to Federal Housing Administration (FHA) and Veterans Affairs (VA) loans for their home financing needs.
FHA loans require little down, and interest rates are also competitive. I've seen 30-year fixed rates as low as 4.50 percent with no points. FHA and VA loans also offer 3/1 and 5/1 adjustable-rate mortgages.
Most lenders will accept FHA applicants with low 600's credit score, and FHA allows gift funds for 100 percent of the down payment from a family member. It also allows the seller to contribute up to 6% toward the buyer’s closing costs.
FHA loan, however, requires you to pay the mortgage insurance premium, or MIP. Such premiums are not as expensive as one might think, and if an FHA loan is the only option, it’s well worth it.
If you’re a looking to buy and are hoping for a low cash outlay, an FHA loan is worth investigating. Alternatively, if you are an existing homeowner with an FHA loan and think you are ineligible for a refinance, think again.
As always, if you have any questions or you need more information on any of the loan programs shown in this site, please feel free to call me in my office at 1-347-559-5626 or you can email me atquestion@the123Mortgage.com.