New York FHA loans are home loans insured by the FHA (Federal Housing Administration) which give New York borrowers the opportunity to secure NY home loans, when they don't quality for other conventional loans. For example, future New York homeowners with little credit history or poor credit history are sometimes able to qualify for New York FHA loans.
New York FHA Loans for First Time Homeowners
NY FHA loans are ideal for first-time New York homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in New York
FHA also offers a refinancing option for New York homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements - New York
- No income limit
- New York borrower credit score flexibility
- 3.5% down payment on New York Purchase Loans
- Bankruptcy: NY FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
New York (NY) FHA Loan Limits
FHA loan limits in New York vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties in New York), etc. Please contact Home Point Financial's New York FHA loan experts for details on loan limits for FHA loans in New York (NY).
Contact Home Point Financial to learn more about FHA loans in New York.