Getting to Know the Federal Housing Administration
FHA Loan Limits for NYC Residential Properties
•1 Family House or Condo
•2 Family House
•3 Family House
•4 Family House
$729,750
$934,200
$1,129,250
$1,403,400
Do we get yet what FHA can do for us?
The term 'FHA' is being tossed around the city like everyone coined the phrase as their own. When I arrived in New York City a few years ago, I asked, begged and pleaded for Sponsor Sellers to get their condo buildings FHA approved. What did I get?
·‘We don’t do that here.’ -fellow real estate agents-
·‘Well as far I know FHA doesn’t really do apartments.’ -a well known mortgage consultant
·‘NYC residents wouldn’t qualify for poor people financing because they make too much money.’ -a fellow real estate agent
Scary, scary and even scarier is the way FHA condo project approvals have been popping up everywhere in the last 2 years and listing agents representing these projects still think that its just about the 3.5% down payment. Just because you are a real estate agent who represents a condominium project that is supposedly FHA approved or the fabled 'Pending FHA Approval' does not automatically turn you into an FHA expert.
A true FHA expert revolves their job around the below questions.
·How much of the 3.5% down payment actually needs to be my own funds.
·What closing costs can I really finance?
·How much can a Seller really help me with in terms of a closing cost concession?
·What is Mortgage Insurance Premium or MIP and is it the same as PMI?
·What types of properties can be financed with an FHA Mortgage?
·Does getting an FHA Mortgage mean that I’m poor?
·Why can’t I get an FHA Mortgage although this is an FHA approved building?
·Are there conventional lending products comparable to FHA options?
Getting started by speaking with an experienced FHA mortgage professional is an integral part of what needs to be done prior to starting your search.
Below are some helpful links to help you on your FHA journey.
·Consumer Fact Sheet for Condominium Projects
·Industry Fact Sheet: Condominium Project Approval
·HUD approved down payment assistance resources
Updated: Sunday, December 25th, 2011.
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