The Facts About FHA Loans In Westchester County NY

If you don't already know, the FHA loan in Westchester County NY has become wildly popular over the past few years, partly because lenders have raised the requirements for other loans. The FHA also known as the Federal Housing Administration doesn't actually fund loans, the insure them for FHA approved lenders. As a Westchester County Buyers Agent I have closed more FHA loans this past year then ever before. The attraction to these loans are the minimum of 3.5% down payment requirement, the ability to finance closing costs up to 6% of the purchase price, and the ability to qualify with less then perfect credit.

Although the minimum credit score changes with the times it is currently a minimum of 620-640 for the 3.5% minimum requirement and anything less will require a 10% down payment. You sjhould also know that these credit requirements are the FHA guidelines, you will have to find a bank that will work with the lower scores. I've been told by an FHA specialist that 640 is what a lot of the banks are looking for as a minimum.

The FHA does not back loans for Coops, they do back loans for condos but are limited to those on the FHA approved list. To see if a certain condo is on the approved list you can visit the following link, https://entp.hud.gov/idapp/html/condlook.cfm?CFID=13461634&CFTOKEN=501810e2c5f8ea2d-A918B4FB-DAAF-68F3-DF190C58B9978403

All FHA loans require mortgage insurance and there is also an upfront mortgage insurance premium of 1 3/4% that can be financed.

The FHA loan limits for Westchester County NY are still $729,750 for single family homes and $934,000 for two family homes. As of January 31, 2013 the FHA will  be raising DTI guidelines for borrowers with low credit scores. FHA will require borrowers with credit scores below 620 to have a maximum DTI (debt to income ratio) of 43%

These are the basics, you will need to speak with an FHA specialist to see if you will qualify. Please note that I am not a loan officer, I am a Westchester County Buyers agent that specializes in FHA & conventional loans

Complete Guide To NYC Restaurant Week January 14 - February 8, 2013

Once again my favorite season in NYC is upon us, Restaurant Week! Click the link, www.NYCGO.com for the complete guide to all participating restaurants, there are some changes from the summer list. Take advantage of a 3 course lunch for $25.00 or 3 course dinner for $38.00 per person. Keep in mind, this is a time for many to try great restaurants at an affordable price so book now! Happy NYC Restaurant Week 2013!

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