FHA Mortgage Loan Programs in Holtsville New York

FHA Mortgage loan programs in Holtsville New York

FHA Mortgage Loan Programs in Holtsville New York are subsidized by the Federal Governments mortgage insurance program (MIP).These types of loans vary form one lender to another and The Mortgage Outlet can help you navigate these troubled lending times. It is important to that you understand the advantages and disadvantages of this great program and how important it is to be pre-approved prior to you starting your search for your new home.

There are many advantages of Loans offered by the FHA

• 3.5% down payment, which helps many of today's home buyers
• Gift funds can be used for down payment and all closings costs
• Sellers allowed to contribute up to 6 percent towards buyers closing costs
• Lending limits are higher then conventional loans up to $ 729,000 in 2013 for Suffolk and Nassau Counties
• Higher qualifying ratios then conventional criteria of 45 percent DTI (see article)
• Co-signers that will not reside in home can be used to help qualify for loan
• These loans are fully assumable, great when you re-sell the home at a future date
• Credit scores down to 620 when most conventional lenders stop at 680
• Those with bankruptcies, foreclosures and shorts sales can get financing sooner with the FHA
• Rate and term refinancing up to 97 percent of the appraised value of the home
• Cash out refinancing up to 85 percent of the appraised value of the home
• Reverse Mortgage purchase program for those 62 years and older.  (see article)
• Reverse mortgage refinance program for those 62 years and older 

There are few Disadvantages of FHA Financing

Condominium complex must be approved

The FHA requires mortgage insurance premium (MIP) on all loans regardless of the loan to value. There is an upfront cost which can be financed into the mortgage. There is also a monthly MIP payment made based on the loan to value (see article)

FHA does not finance Co-ops

FHA has minimum appraisal requirements for the condition of the property

Recommendations for FHA pre-approval

Prior to sitting down for a pre-approval with a local lender it is important to know where you stand in the eyes of the FHA. (See article)  It is that your konw what documents are needed to get an accurate pre-approval, see our article on FHA pre-approval. Do your research on the lender and loan originator by checking them out on the NMLS consumer access. This will give you the loan originators experience and employment history to help you choose the right person to help satisfy your needs.

FHA Mortgage loan programs in Holtsville New York

The FHA makes home purchase achievable for those home buyers who do not qualify for conventional financing. The FHA can also help those looking to refinance their present home due to the programs increased lending requirements call for details. The FHA also has programs to help those 62 years and older purchase a new home or refinance their present home with limited requirements using the reverse mortgage program.  The Mortgage Outlet has been streamlining the approval process sicne 1999. We can be reached for a personal appointment at 631-767-8948 to review the FHA Mortgage Loan Programs in Holtsville New York.