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FHA loan in NY

We are relocating to NY and would like to purchase a home, not a coop or condo. The home will have to be 1 hour or less from the City, where my job will be. 5th and 59th. We were looking north of the Bronx. Are FHA loans available in that area? We were advised that the majority of coops are 20% down and not FHA, this is why we rather go out of the city to apply for FHA. Thank you.
  • December 18 2013 - New York
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Answers (3)

Correct !  i can always check to see if the coop or condo is FHA approved.  Most of them require 10-20% down.  Many other products like FHA are available with some other perks.  Do your research, get pre-approved and good luck to you !

I love FHA ..... borrow bank money, its cheap....
  • December 18 2013
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You are right there are not that many CO-OP boards that are going to accept a buyer with FHA financing.  You can get FHA loans anywhere in the United States and at some pretty good size loan amount around the NYC area.  FHA loans are costly though.  Important to discuss all your options so that you make an informed decision.  If you would like to contact me through my profile, we can discuss.
  • December 18 2013
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Hi Sonia,

FHA loans are available in all states, the only difference by location is there are county loan size limits.  You can look these up at HUD's website:

https://entp.hud.gov/idapp/html/hicostlook.cfm

As long as you are buying an owner-occupied single family home, 2-4 unit home, townhouse, or condo, you should be able to use FHA financing and only need 3.5% down payment.

Hope that helps!

David
  • December 18 2013
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