Profile picture for jr_taciturn

FHA financing restrictions on condos in the NYC area?

I am a first-time homebuyer and am contemplating the purchase of a condo or co-op in NYC or Hoboken/Jersey City, NJ.  I have excellent credit, decent savings, and a solid employment history, but because I do not have much money to put up towards a down payment, I am considering financing that allows for low down payments, such as FHA and SONYMA.

My question...in coming across various condo developments, some are specifically promoted as "FHA approved" or "SONYMA approved", while others are not.  If a condo or co-op is NOT explicitly specified as FHA- or SONYMA-approved, does that mean that I CAN'T utilize a low down payment financing option (such as FHA or SONYMA) to purchase at that property?

Thanks!
  • April 28 2012 - Canarsie
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Answers (1)

Profile picture for AndreaSmolin
I'd suggest emailing your question to one of our top lenders from our directory in the New Jersey area
  • May 03 2012
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