Benefits of an FHA Loan in NY with Northern Credit Union
An FHA mortgage in New York, insured by the Federal Housing Authority, makes homeownership within our community more accessible, offering features suited to diverse financial needs:
- Lower Down Payments: Start your homeownership journey with just a 3.5% down payment. This manageable entry point makes it easier for many to take the first step towards owning a home.
- Comprehensive Financing Options: Beyond just the home itself, finance your essential needs such as insurance, utility bills, or minor renovations at competitive rates, streamlining your financial commitments into one mortgage.
- Gifts and Contributions: Utilize gifts toward 100% of your closing costs and down payment, effectively enhancing your buying power and reducing your initial outlay.
- No Prepayment Penalties: Enjoy the flexibility of making early payments without worrying about penalties, allowing you to manage your mortgage on your terms.
FHA Loan in NY Requirements:
- Down Payment: A manageable 3.5% down payment.
- Credit Score: A minimum credit score is typically required for the most favorable down payment options. Lower scores may still qualify with higher down payments.
- Employment History: Proof of steady employment history over the last two years.
- Debt-to-Income Ratio: Your debt-to-income ratio (DTI) should typically be 43% or lower, though exceptions can be made with certain compensating factors.
- Primary Residence: The FHA loan must be for a primary residence, and the borrower must intend to occupy the home within 60 days of closing.
- Property Approval: The property must meet HUD’s minimum property standards and undergo an FHA appraisal.
To apply for an FHA loan in NY simply:
- Connect with one of our experienced FHA mortgage lenders in NY via Video Banking
Download the Northern Credit Union Video Banking Mobile App or use the Web Version with Safari, Chrome or Firefox.
- Become a member to take advantage of these great benefits, getting started is easy, join now!
- Apply online anytime.
- For more information about FHA loans in New York, call 315-777-8910
- Text HOME to 315-782-0155