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More about FHA Loans

How Do I Apply for an FHA Loan?

When considering an FHA loan, working with Jet Direct Mortgage to gain pre-approval will allow you to explore the amount of financing available for which you can be approved.

What is an FHA Loan?

Thanks to FHA loans, New York families can achieve their dream of homeownership without breaking the bank. These mortgage loans are insured by the Federal Housing Administration and provide an opportunity for low-income households to own a home even if they cannot afford a large down payment. With FHA loans, homeownership remains within reach for those who may have thought it was not possible.

Understanding the differences between FHA and conventional financing

With an FHA loan, you have the opportunity to purchase a home without sacrificing your financial security. These loans are tailored for those with modest credit histories and require significantly smaller down payments than conventional mortgages – freeing up more money in your pocket! Furthermore, they offer fixed interest rates over several decades by providing borrowers with terms ranging from 15-30 years.

FHA mortgages provide immense opportunities for home ownership and financial freedom, though certain criteria must be met prior to applying. You not only need a valid Social Security Number but also you should have attained legal age in the state where you are living. Additionally, your credit score should fall between 500-580 on the 300-850 scale unless there has been bankruptcy within two years of application – then it’s essential that an appropriate reestablished rating is possessed when submitting paperwork.

To qualify for an FHA loan, you’ll need to prove your employment stability: Your current employer must be the same one from at least two years ago. Additionally, all other monthly debt payments should not exceed 50% of total income for approval consideration.

Finally, prerequisites include verifying your residence meets construction standards through a standard appraisal assessment process before approval can be granted.

Unlock the Potential of Home Ownership with an FHA Loan. Before taking this important step, here are some things to be aware of in order to ensure a successful experience!

Securing a loan can be a difficult process, and sometimes additional security is needed to ensure smooth payment processing. FHA loans are protected by Mortgage Insurance Premiums (MIP) that help protect lenders in case of any defaults on repayment schedules. The amount of MIP typically varies based on the size of the loan, its duration as well as downpayment percentage provided at time closing off the mortgage agreement.

Once you have financed the purchase of a home, you are not allowed to apply for a second FHA loan to finance the purchase of a new home. In addition, the buyer should move into the house within 60 days of closing the purchase and should occupy the property for a minimum of one year.

New York FHA Loan Limits by County

CountyCounty1-Family2-Family3-Family4-FamilyMedian Sale Price
Code
ALBANY1$472,030$604,400$730,525$907,900$350,000
ALLEGANY3$472,030$604,400$730,525$907,900$83,000
BRONX5$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
BROOME7$472,030$604,400$730,525$907,900$139,000
CATTARAUGUS9$472,030$604,400$730,525$907,900$97,000
CAYUGA11$472,030$604,400$730,525$907,900$159,000
CHAUTAUQUA13$472,030$604,400$730,525$907,900$121,000
CHEMUNG15$472,030$604,400$730,525$907,900$128,000
CHENANGO17$472,030$604,400$730,525$907,900$99,000
CLINTON19$472,030$604,400$730,525$907,900$150,000
COLUMBIA21$472,030$604,400$730,525$907,900$296,000
CORTLAND23$472,030$604,400$730,525$907,900$155,000
DELAWARE25$472,030$604,400$730,525$907,900$150,000
DUTCHESS27$472,030$604,400$730,525$907,900$370,000
ERIE29$472,030$604,400$730,525$907,900$219,000
ESSEX31$472,030$604,400$730,525$907,900$172,000
FRANKLIN33$472,030$604,400$730,525$907,900$110,000
FULTON35$472,030$604,400$730,525$907,900$140,000
GENESEE37$472,030$604,400$730,525$907,900$159,000
GREENE39$472,030$604,400$730,525$907,900$250,000
HAMILTON41$472,030$604,400$730,525$907,900$165,000
HERKIMER43$472,030$604,400$730,525$907,900$127,000
JEFFERSON45$472,030$604,400$730,525$907,900$171,000
KINGS47$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
LEWIS49$472,030$604,400$730,525$907,900$100,000
LIVINGSTON51$472,030$604,400$730,525$907,900$220,000
MADISON53$472,030$604,400$730,525$907,900$181,000
MONROE55$472,030$604,400$730,525$907,900$220,000
MONTGOMERY57$472,030$604,400$730,525$907,900$149,000
NASSAU59$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
NEW YORK61$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
NIAGARA63$472,030$604,400$730,525$907,900$219,000
ONEIDA65$472,030$604,400$730,525$907,900$127,000
ONONDAGA67$472,030$604,400$730,525$907,900$181,000
ONTARIO69$472,030$604,400$730,525$907,900$220,000
ORANGE71$472,030$604,400$730,525$907,900$370,000
ORLEANS73$472,030$604,400$730,525$907,900$220,000
OSWEGO75$472,030$604,400$730,525$907,900$181,000
OTSEGO77$472,030$604,400$730,525$907,900$154,000
PUTNAM79$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
QUEENS81$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
RENSSELAER83$472,030$604,400$730,525$907,900$350,000
RICHMOND85$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
ROCKLAND87$1,089,300$1,394,775$1,685,850$2,095,200$1,010,000
SARATOGA91$472,030$604,400$730,525$907,900$350,000
SCHENECTADY93$472,030$604,400$730,525$907,900$350,000
SCHOHARIE95$472,030$604,400$730,525$907,900$350,000
SCHUYLER97$472,030$604,400$730,525$907,900$160,000
SENECA99$472,030$604,400$730,525$907,900$136,000
ST. LAWRENCE89$472,030$604,400$730,525$907,900$95,000

Steps to Secure an FHA Loan

At Jet Direct Mortgage, we strive to provide the highest quality of customer service and make your dream of home ownership a reality. Our experienced team are on hand to guide you through the mortgage process from start to finish – helping you select the best option for your individual needs, so that owning a home is both achievable and enjoyable!

Are you looking for a loan that won’t put too much pressure on your credit score? A low down payment option and lenient income requirements could be just what the doctor ordered. Jet Direct Mortgage gives you an easy way to check out FHA loans online, so explore today!

TIP: If your credit score is not ideal, you may need to focus on rebuilding it before beginning the home shopping process. To make sure you are set up for success, speak to one of our FHA loans specialists today.