The City that never sleeps. Wine country. The Empire State. With opportunities ranging from living in the most culturally diverse city in the United States, to lodging upstate in the Adirondacks or the Catskills, to retreating back to the 1960s in the quaint surf town of Montauk, New York has world-class sights and possesses the perfect atmosphere for any first time buyer.
Why People Want To Move To New York
Wherever you live in New York, you are always close to the action. Whether finding leisure at the plethora of alluring beaches and pristine lakes in the summer, apple picking and driving along vibrant colored trees in the fall, or warming up indoors during the winter seeing a classic Broadway musical or Rockette’s performance at the world-renowned Radio City Music Hall in Manhattan, there is plenty of activity for more than one lifetime in this well seasoned state. Welcome yourself into any of the market’s eleven sports franchises and embed yourself with fanbases holding a standard of pride and respect rivaling those of franchises across the globe.
2017 First Time Buyer Programs & Loan Pre-Approval In New York
Looking for a buyer program specific to NY? If, you’re confused about your options give us a call at (615) 873-0367.
Loan Program Name
Loan Program Requirements
Loan Program Benefits
|USDA||Property must be located in an eligible area. Check property eligibility.||100% financing and 0% down payment||Income restrictions do apply. These are determined by county.||100% financing and 0% down payment|
|HomeReady Program - Purchase or Limited cash-out rate and term refinance.||1.) Home Ownership education is required and certificate must be retained in the mortgage file. |
2.) Occupancy is 1-4 units Principal Residence.
|1.) Standard debt to income is 45%, in certain cases up to 50%. |
2.) Occupant may not have an ownership interest in any other property at the time of closing.
|1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.|
2.) Loan to Value up to 97%.
|1.) NO First Time home-buyer requirement.|
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
|100% GIFT FOR DOWN PAYMENT||Can be Conventional or FHA Loan||Gift can come from a family member, church, employer, etc..|
|FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment||1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.||3.5% down payment required||Check single family, condo, and 2-4 unit property loan limits||1.) Flexible underwriting guidelines|
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed
Are you a first time buyer? It doesn’t matter if you’re in Minnesota, Colorado or Utah we can help you get pre-approved!