GET TO KNOW YOUR FHA. THATS WHERE THE LOANS ARE.

Want to buy a home?  You don't have the 20% down payment.  Your FICO score is not up to the Buffett's and the Gate's, did I forget the Rockefeller's?  You have come to the right place.  Uncle Sam is the man. He is doing all he can to keep the housing market afloat.  The innovation of programs and ways to help the general public don't stop. I say climb aboard for the ride.  This is the best time to purchase a home. Home price's and mortgage rates are low and Uncle Sam is here to help. Go to the FHA. Go to the VA if you are a Veteran. Just go, the money is there. See your Mortgage Banker soon.

The Federal Housing Administration, generally known as "FHA", is the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family, multifamily, manufactured homes and hospital loans made by FHA-approved lenders throughout the United States and its territories. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan. FHA has insured over 38 million home mortgages and 47,205 multifamily project mortgages since 1934.

Get a FHA mortgage, they are the best game in town. They are backing about 40% of all purchase mortgage loans nationally in 2010. The banks do the lending and Uncle Sam does the insuring.

Go for it. They are hot. They will lend you a lot. Because you live in the New York City, Long Island and the Westchester area. You live in a so-called “higher cost” area where the limits will be:

One-Unit — $729,750

Two-Unit — $934,200

Three-Unit — $1,129,250

Four-Unit — $1,403,400

If you can make the payments, collect a little rent; be knighted a Landlord.
You are surely on your way to becoming a Housing Guru. No more staying up late to watch all those real estate infomercials. Side note:  buyer beware.

If your wanting information, be sure to go to the government's website:  http://www.hud.gov/. 

The Federal Housing Administration (FHA) is loaded with information, list of frequently asked questions (FAQ ).  Topics include:

New Construction

Wood Destroying Insects/Termites

Utilities – Well and Septic

Inspections ; Certifications

Cost Approach

Accessory Dwelling Units

Manufactured Housing

Two Unit Properties

HECMs

Lender Concerns

Reconsideration of Value

203(k)

Appraisal Portability

FHA Appraisals

Title Concerns

And much, much more.

Reading government websites can inform you. You can also play "Google That Word", it helps when you don't understand something. You should always call a professional for all your real estate needs.

This is the silver lining of the housing crisis. Thanks to low FHA mortgage interest rates, low down payments and reduced home prices, buying a home is more affordable than ever. This bodes well for the future of working and middle class families. You go America!!!


Till next time.

NY REAL ESTATE NURSE

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