When it comes to getting the home of your dreams, you want to make sure you are getting the absolute best mortgage in the industry. Purchasing a home can be an overwhelming experience with all of the different mortgages in the industry. For those looking for an FHA loan in New York, one of the most popular options is that of the 203b FHA loan. This fixed-rate mortgage is one of the most widely used by the FHA for those who are buying their first home. When getting this type of loan, you will not have to worry about an extensive down payment.
Closing costs for the FHA mortgage in New York are reduced. Using this type of loan, the lender will finance up to 97 percent of your loan. You will need to qualify based on a debt-to-income ratio, but there are no minimum requirements for income. If you are not sure what your debt-to-income ratio is, one of our specialists at MortgageDepot can help go over everything with you. Our goal is to make sure you have a thorough understanding of the mortgage industry and make sure you know what you are getting yourself into.
Maximizing your credit ratio before applying for the FHA loan will help make sure you get the absolute best rates in the industry. Just because there are a number of other loan options in the industry, that doesn’t mean it has to be as difficult as you might think. Our team of professionals understands the importance of getting the mortgage you desire in the shortest amount of time possible. Regardless of whether you are looking for a 203b, ARM, fixed-rate or other type of loan, you can rest assured that we have someone available to help you get what you need.