First Time Home Buyer Mortgage New York
3.5% down payment for first time home buyer mortgage new York
Being a homeowner is the American dream. For many, it remains a dream kept far out of reach due to finances. Purchasing a home can be one of the most expensive purchases that can be made. However, this can be a thing of the past! We can help potential homeowners to get a loan that can be used toward 3.5% down toward the purchase of a home for first time homeowners.
There are many factors involved when looking to apply for a home owner’s loan. For one, maintaining a good credit score will help speed up the process and put the buyer in a position to get more competitive rates for interest. This can help save money in the long term. Another thing to consider is, after obtaining a loan, will the homeowner be able to maintain the monthly payments. It would be terrible for someone to take out a loan on a home and lose it because of inability to pay.
This would put the homeowner in a position of no longer having a home, but still having a loan to pay off. Another important factor to consider is if the homeowner will be able to afford closing and moving costs.Being sure to understand how a home owner’s loan works will also help to make sure that this will be a dream come true.
Here are the FHA purchase guidelines:
- 580 Credit Score to 96.5 percent LTV on purchase loans· 550 Credit Score to 90 percent LTV on purchase loans· One FICO required OR Nontraditional credit allowed· No minimum trade lines· No restrictions on gift funds
- No overlays with DU approve/eligible
- Manufactured Homes may be an eligible property type
Gone are the days when owning a home is something that is not often considered. Being a homeowner need not be a farfetched dream, but a reality for every American.