FHA Loans in New York

FHA loans are designed for borrowers who are unable to make large down payments.
Mortgage Calculator

New York FHA Loans: Benefits & Features

FHA loans offer New York homebuyers an opportunity to purchase a house with minimal savings. With these offerings, prospective buyers need not worry about stressing over the often-challenging large down payments typically required for mortgage approval.

How Do I Apply for an FHA Loan in NY

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.

Call Jet Direct Today! 1-800-700-4JET

Quick Contact Form

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.

Understand 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 Loans Vs. Conventional
Conventional Mortgage Loan
FHA Loan
Minimum Down Payment
3%
3.5%
Loan Terms

Loan terms range 8 – 30 years

Less options than conventional, but between 15 – 30 years

Minimum Credit Score To Qualify
620

500 with a 10% down payment; 580 & above with a 3.5% down payment

Loan Limits

$726,200 in most areas; up to $1,089,300 in high-cost areas for a single unit

$410,000 to $972,500 depending on home location

Mortgage Insurance
PMI if down payment is less than 20%

MIP upfront and monthly insurance throughout the life of the loan (or 11 years with a 10% or more down payment)

Relative Interest Rate
Rates are comparable depending on qualifications

Rates are comparable depending on qualifications

Interest Structure

May be fixed or variable

Fixed or adjustable rate

Who Backs The Loan?

Fannie Mae or Freddie Mac usually buy and guarantee the loan

Backed by the Federal Housing Administration

If you are considering an FHA loan, it’s important to understand the eligibility criteria.

 

  • FICO score of 500 to 579 with 10% down, or a FICO score of 580 or higher with 3.5% down

  • Verifiable employment history for the last 24 months

  • Verifiable income, federal tax returns & bank statements

  • Use the loan to finance a primary residence

  • Ensure the property is appraised by an FHA-approved appraiser and followa HUD guidelines

  • Have a front-end debt ratio of no more than 31% of gross monthly income

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.

new york FHA loans

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

County County 1-Family 2-Family 3-Family 4-Family Median Sale Price
Code
ALBANY 1 $472,030 $604,400 $730,525 $907,900 $350,000
ALLEGANY 3 $472,030 $604,400 $730,525 $907,900 $83,000
BRONX 5 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
BROOME 7 $472,030 $604,400 $730,525 $907,900 $139,000
CATTARAUGUS 9 $472,030 $604,400 $730,525 $907,900 $97,000
CAYUGA 11 $472,030 $604,400 $730,525 $907,900 $159,000
CHAUTAUQUA 13 $472,030 $604,400 $730,525 $907,900 $121,000
CHEMUNG 15 $472,030 $604,400 $730,525 $907,900 $128,000
CHENANGO 17 $472,030 $604,400 $730,525 $907,900 $99,000
CLINTON 19 $472,030 $604,400 $730,525 $907,900 $150,000
COLUMBIA 21 $472,030 $604,400 $730,525 $907,900 $296,000
CORTLAND 23 $472,030 $604,400 $730,525 $907,900 $155,000
DELAWARE 25 $472,030 $604,400 $730,525 $907,900 $150,000
DUTCHESS 27 $472,030 $604,400 $730,525 $907,900 $370,000
ERIE 29 $472,030 $604,400 $730,525 $907,900 $219,000
ESSEX 31 $472,030 $604,400 $730,525 $907,900 $172,000
FRANKLIN 33 $472,030 $604,400 $730,525 $907,900 $110,000
FULTON 35 $472,030 $604,400 $730,525 $907,900 $140,000
GENESEE 37 $472,030 $604,400 $730,525 $907,900 $159,000
GREENE 39 $472,030 $604,400 $730,525 $907,900 $250,000
HAMILTON 41 $472,030 $604,400 $730,525 $907,900 $165,000
HERKIMER 43 $472,030 $604,400 $730,525 $907,900 $127,000
JEFFERSON 45 $472,030 $604,400 $730,525 $907,900 $171,000
KINGS 47 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
LEWIS 49 $472,030 $604,400 $730,525 $907,900 $100,000
LIVINGSTON 51 $472,030 $604,400 $730,525 $907,900 $220,000
MADISON 53 $472,030 $604,400 $730,525 $907,900 $181,000
MONROE 55 $472,030 $604,400 $730,525 $907,900 $220,000
MONTGOMERY 57 $472,030 $604,400 $730,525 $907,900 $149,000
NASSAU 59 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
NEW YORK 61 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
NIAGARA 63 $472,030 $604,400 $730,525 $907,900 $219,000
ONEIDA 65 $472,030 $604,400 $730,525 $907,900 $127,000
ONONDAGA 67 $472,030 $604,400 $730,525 $907,900 $181,000
ONTARIO 69 $472,030 $604,400 $730,525 $907,900 $220,000
ORANGE 71 $472,030 $604,400 $730,525 $907,900 $370,000
ORLEANS 73 $472,030 $604,400 $730,525 $907,900 $220,000
OSWEGO 75 $472,030 $604,400 $730,525 $907,900 $181,000
OTSEGO 77 $472,030 $604,400 $730,525 $907,900 $154,000
PUTNAM 79 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
QUEENS 81 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
RENSSELAER 83 $472,030 $604,400 $730,525 $907,900 $350,000
RICHMOND 85 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
ROCKLAND 87 $1,089,300 $1,394,775 $1,685,850 $2,095,200 $1,010,000
SARATOGA 91 $472,030 $604,400 $730,525 $907,900 $350,000
SCHENECTADY 93 $472,030 $604,400 $730,525 $907,900 $350,000
SCHOHARIE 95 $472,030 $604,400 $730,525 $907,900 $350,000
SCHUYLER 97 $472,030 $604,400 $730,525 $907,900 $160,000
SENECA 99 $472,030 $604,400 $730,525 $907,900 $136,000
ST. LAWRENCE 89 $472,030 $604,400 $730,525 $907,900 $95,000

How are FHA loan limits determined in New York State?

Attention Homebuyers in New York: New FHA Loan Limits for 2023 have Increased by 12%

Planning to purchase a home with an FHA loan? Stay updated on the latest changes. The U.S. Department of Housing and Urban Development (HUD) has announced that FHA loan limits have been raised for 2023, reflecting the increase in median sale prices of homes nationwide.

Here’s what you need to know: The current limit, based on the median prices of homes sold in the previous year, has gone up by 12%. In fact, the conforming loan limit for 2023 has been set at $726,200.

But the specific loan limits for FHA loans vary. They can range from 65% to 150% of the conforming loan limit. The lowest limit, known as the “floor,” applies to most areas in the U.S. Meanwhile, the highest limit, referred to as the “ceiling,” is for high-cost-of-living areas like the counties in and around New York City.

For 2023, the FHA floor is set at $472,030, while the ceiling is set at $1,089,300. Keep in mind that the property type you’re considering also affects the lending limit. Single-family homes will have lower limits compared to multifamily homes.

Don’t miss out on these important updates. Stay informed about the new FHA loan limits for 2023. Contact us today to learn more or get started on your home buying journey.

Can I get an FHA loan in New York

New York homebuyers hoping to purchase property via an FHA loan can do so by meeting the federal requirements. A credit score between 500 and 579 is acceptable.

How Do I Apply for an FHA Loan in NY

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.

Call Jet Direct Today! 1-800-700-4JET

Quick Contact Form

Steps to Secure an FHA Loan in New York

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!

 

Is it hard to get an FHA loan in New York?

An FHA loan may be easier than a conventional mortgage to obtain; however, lenders have tightened their criteria for successful applicants – such as higher credit scores minimums – in light of current economic challenges.

Helpful Mortgage Videos

Long Island Mortgage Videos

Top Lender for FHA Loans in New York

New York FHA Loan Benefits

  • Acceptable credit scores are lower for FHA loans.
  • FHA loans require a smaller down payment.
  • FHA interest rates are typically lower than conventional rates.
  • Gift funds can be used towards the down payment or closing costs.
  • Sellers are allowed to contribute towards the buyer’s closing costs.
  • FHA loans are assumable, meaning they can be transferred to another borrower.
  • Co-signers are permitted for FHA loans.
  • Higher debt-to-income ratios are allowed for FHA loan applicants.

New York FHA Loan Pre-Approval Process

  • Ensure that you have the minimum required down payment to qualify for the loan.
  • Review your credit report and address any issues that may negatively impact your credit score.
  • Obtain copies of your tax returns for the last two years.
  • Collect your pay stubs from the last month.
  • Obtain copies of your bank statements from the last two months.
  • Consult with an FHA lender to discuss your loan options and determine the best course of action.

Related FHA Loan articles