For all those Realtors with clients having trouble getting financing for their purchases, make sure they check into an FHA mortgage. While there are loan limits, some deals can get done here in New York.
Currently New York City Metropolitan Area Loan Limits:
One-Family: $362,790
Two-Family: $464,449
Three-Family: $561,411
Four-Family: $697,696
FHA financing is much more utilized in other parts of the country that have lower housing prices. Each county can have a different loan limit.
Currently, these are the minimum maximum loan limits for FHA financing throughout the country:
One-family: $200,160
Two-family: 256,248
Three-family: 309,744
Four-family: 384,936
You can check the county loan limit for any county in the US at:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Some other key points for FHA mortgages:
Not credit score driven (although borrower has to be currently credit worthy)
Must be full documentation
Can go up to 97.75% LTV on a purchase
Can go up to 95% LTV on a cash out refinance
Must have steady employment history
Chapter 7 bankruptcy must be discharged over 2 years ago
Cannot have had a foreclosure in the past 3 years
6% sellers concession allowable
3% down payment can be borrowed from a family member
If anyone has any questions about FHA Financing please do not hesitate to contact me at (718) 828-3647
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